Prisma Life increases the annual result by 90 percent

Photo: Life Prism

Holger Beitz, Prisma Life AG

Prisma Life looks back on an excellent financial year 2021. The Liechtenstein-based life insurer achieved an annual surplus of 4.2 million euros and thus increased the previous year’s result by almost 90 percent.

The life insurer from Liechtenstein Prisma Life achieved an annual surplus of 4.2 million euros in the financial year 2021 and thus increased its result by almost 90 percent compared to the previous year. The company also recorded a positive evolution in terms of gross written premiums. Compared to fiscal year 2020, premiums increased by 1.8% to €135.9 million. “New business did extremely well in 2021. The significant growth of around 44 percent comes from regular contributions and in turn from high additional payments,” says Holger Beitz, CEO of PrismaLife AG.

PrismaLife has also made good progress in terms of internationalization. After entering the market in Malta, PrismaLife has now taken over a portfolio of death benefit insurance in Belgium. Additionally, unit-linked life insurance sales will start in Italy in 2022.

Extremely successful funeral assistance insurance in Belgium

PrismaLife took over the Belgian death benefits insurance portfolio from Nucleus Life AG. The “Prisma Funeral Care” pension solution is a life insurance policy with the aim of covering the immediate economic consequences of the funeral and at the same time supporting the relatives of the deceased. The death benefit is paid by PrismaLife, with assistance provided by AXA Assistance. The main sales partner is Cares Assistance.

“Over the last year, the number of contracts we have acquired has increased from 3,000 to 5,000. We expect this trend to continue in the coming years,” says Beitz. According to the CEO, Prisma Life pursues two strategic objectives. On the one hand, it is about expanding the range of offers with Prisma Funeral Care. “On the other hand, following the successful entry into the Maltese market in 2021, we are expanding into another exciting market,” says Beitz.

Sustainable positioning further expanded

In terms of sustainability, Prisma Life has further sharpened its profile. According to the company, further optimizations were made. The company is already climate neutral in 2020. By contrast, the MSCI ESG score increased from 6.74 to 7.25 for the sustainable orientation of capital investments. “We achieved an above-average ESG score of 7.25 according to the MSCI methodology in capital investment, which is our strongest lever for sustainability.”

In addition, the Liechtenstein life insurer has expanded the range of ESG-compliant funds. The number of sustainable funds offered has increased from 52 to 65 in the last twelve months. This means it has one of the largest sustainability offerings on the market, says Beitz. The investment volume invested in ESG-compliant funds increased by 140 percent to EUR 108 million last year. A total of 26,000 or 18 percent of contracts invest sustainably.

Also a pioneer in ESG reporting in the external evaluation

In 2021, PrismaLife’s strong commitment to sustainability was also recognized by an external judgement. The analysis company Zielke Research Consult has awarded PrismaLife AG ​​a “Gold” rating for its 2021 sustainability report. In an international comparison, PrismaLife AG ​​was ranked 5th out of 20. In a German comparison , was also in the top group and ranked 8th out of 50.

The good evolution of the business is also reflected in the solvency ratio. This increased from 128.9 per cent in the prior year to 142.2 per cent as of December 31, 2021. Due to portfolio expansion in Belgium, business from Malta and Germany and our market entry in Italy in 2022 According to Beitz, Prisma Life expects an increase in the current year New business and another positive business result.

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