Philadelphia and Luxembourg, 09 March 2020: Lombard International Group, a global leader in wealth and succession planning solutions for high net worth (HNW) individuals, families and institutions, has today announced its financial results for 2019.
The Group has delivered a record performance, despite significant geopolitical and economic headwinds across the globe. This is testament to the strength and relevance of the Group’s wealth structuring propositions, global reach combined with local presence, and expertise to deliver customised and specialist solutions to HNW clients and institutions with complex multi-jurisdictional and investment needs.
In 2019, the Group delivered a strong financial performance:
• Record New Business Premiums of $6.4 billion, a 25% increase on 2018 performance, driven by higher sales in the US and Europe
• Assets under Administration grew to a record high of $54.2 billion (as of 31 December 2019), a 17% increase on 2018, driven by positive net flows and favourable investment performance
Commenting on the results, John Hillman, Executive Chairman of Lombard International Group, said: “2019 was a record year for Lombard International Group. We continued the expansion of our global capabilities, especially in the international wealth hubs of Switzerland, London, New York, Hong Kong and Singapore. These epicentres of HNW capital flows remain pivotal to our business growth. We remain committed to developing and investing in the best talent globally, and to deepening relationships with key strategic partners across the globe to reinforce our leadership position.
As the Group continues to grow and evolve, I am pleased to welcome Stuart Parkinson, who will join us on 1 April 2020, as Group Chief Executive Officer. With 27 years of international experience in banking and financial services, Stuart has deep expertise in building and managing diverse teams and bringing resources together across multiple geographies to enhance propositions to best serve clients. He will bring great energy and fresh thinking as we continue to expand our distribution footprint internationally.”
Global footprint
Over the last 12 months, Lombard International Group continued to expand its worldwide operations, building a truly unique footprint and enabling an integrated global perspective to best serve clients and their advisors, wherever in the world they reside and have interests.
• In Europe, the business delivered a 24% year-on-year growth in new business inflows. LIA Wealth Advisers Ltd., an FCA approved UK entity was established to ensure continued service regardless of the Brexit negotiations. LIA Patrimoine, a regulated broker in France, was also launched to serve the growing network of partners and intermediaries in France.
• In the United States, the business delivered a 27% year-on-year growth in new business premium income. The business invested in enhancing its partnership model, leveraging its unique technical expertise and flexible operating capabilities.
• Emerging markets present a significant growth opportunity for the Group as the business continues to grow its brand presence in Asia. New business origination from Latin America also grew substantially in 2019.
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About Lombard International Group
Lombard International Group (‘the Group’) is a leading provider of global wealth and succession planning solutions with over 28 years’ experience. We have the strength and expertise to help high net worth and ultra-high net worth individuals, their families and institutions protect, preserve and pass on their legacy to future generations.
The Group serves over 20 markets across Asia, Europe, Latin America and the United States, providing multi-jurisdictional unit-linked life insurance and annuities on a global basis, with a deep understanding of local regulations, cultures and attitudes.
Group assets under administration are at $54.2 billion as of 31 December 2019. The Group’s global team of over 500 include more than 60 technical experts and over 100 client services professionals delivering an excellent level of service, specializing in multiple jurisdictions.
Funds managed by Blackstone own Lombard International Group. Blackstone is one of the world’s leading investment firms with $571 billion in assets under management as of 31 December 2019.
For further information about Lombard International visit: www.lombardinternational.com.
