2021 Financial Performance
Looking back on our 30th anniversary year, I am incredibly proud of what the business achieved. Lombard International Group delivered a strong 2021 new business performance achieving €6.9 billion of new business premium and Assets Under Administration (AUA) of €59.4 billion [i] ($67.4 billion [ii]), with strong positive net inflows.
This achievement underscores the success and importance of our long-term strategy of continuing to invest in building a sustainable business that serves our current and future clients around the world. This is also a testament to the unique skills, expertise and passion of our people.
In Europe, we delivered €5.3 billion of new business premium and continued growth in AUA. This record new business performance was achieved with significant contributions from a number of core markets including France, the UK, Italy, and Sweden.
In the United States our business achieved strong year-on-year growth, thanks to the efforts of our expert team who delivered $1.8 billion of new business premium and continued growth in AUA. Our Global Institutional Solutions Practice delivered strongly and the Individual Life Business produced another solid performance.
Asia and LatAm
The performance of both regions continued to be impacted by travel restrictions and hence new business was limited. With a large proportion of the world’s High Net Worth individuals and families residing in Asia, the outlook for wealth planning looks promising as we continue to progress opportunities in 2022.
Serving our Partners and Clients
We understand the importance of providing a truly tailored service to our partners and clients. 40 different nationalities, speaking over 30 different languages make up our global team of country specific partner and client service specialists. We have the expertise and local knowledge to engage with our clients and partners in their native tongue, with an in-depth understanding of regional cultures, needs and requirements.
Hybrid and remote working over the last 12 months was a catalyst for further innovation in the way we managed our service delivery. This has included introducing enhanced new processes such as the use of secure e-signatures and the development of new features on our existing digital servicing platforms, such as Connect in Europe, which enabled further operational efficiency and service enhancements for our clients.
Investing in our strategic growth framework
Lombard International Group continues to build excellent momentum and presence in our specialised sector. Crucially, our long-term growth strategy has remained steadfast. The Group remains focused on building a globally diversified and balanced business, driven by multiple engines of growth. We pride ourselves on having a strong and diverse footprint, with a physical presence in 14 cities across the globe, serving more than 25 markets. We remain laser-focused on the key global wealth hubs that are epicentres of HNW/UHNW capital flows and thus are pivotal to Lombard International Group’s business success.
With experienced personnel on the ground, the Group is able to foster strong local relationships with asset and investment managers, private bankers, wealth planners and advisers, brokers, and custodian banks, translating into valuable insights and lasting partnerships. The power of these partnerships cannot be understated, and maintaining an environment in which relationships and collaborations can thrive is fundamental.
At the very heart of this is our people. They are our strongest asset and Lombard International Group is widely, and rightly, recognised as being home to some of the best talent and expertise in the market. Maintaining this, in 2022 and beyond, is a business imperative. As part of our comprehensive people strategy, we continue to invest in training, encourage and aid the broadening of our colleagues’ skills and development.
Priorities for the year ahead
Throughout 2022 we will continue to develop and grow our business in each of our core regions. This includes, amongst other growth initiatives, broadening our geographical footprint in Europe and building new distribution partnerships with renowned international wealth partners in emerging markets.
While ways of working will continue to evolve, we have proven that our ability to stay relevant, agile and flexible, using a combination of in-person, hybrid and digital capabilities have been enablers of operational efficiency, business development and strong engagement. Our accelerated technology developments, driven by sustained investments in digital connectivity and integration with our strategic partners, will continue to further facilitate our growth.
Sitting at the crossroads of private banking, asset management and insurance, the Wealth Assurance sector must also play a central and active role in clearly defining, integrating, and observing ESG criteria. Looking forward, we are determined that our future endeavours and growth will be underpinned by ESG principles.
We are well positioned, financially strong and have the requisite resources required to deliver continued growth and value to our partners and clients. I’m therefore confident that 2022 will be another rewarding year for Lombard International Group.
Group Chief Executive Officer
[i] As of 31 December 2021
[ii] EUR amounts have been converted in USD using the spot rate at 31 December 2021 of 1.13 $/€