A NEW ERA FOR WEALTH MANAGEMENT IN AN INCREASINGLY DIGITAL AND
GLOBALISED WORLD
Experts:Pierre Even, Head of Relationship Management Private Equity & Real Estate, Banque de Luxembourg Christian Kratz, Co-Founder, InvestifyDennis Nygren, Head of Wealth Management, Catella Bank S.A.
Moderator:Yves Maas, Chairman, The Luxembourg Bankers’ Association (ABBL)
Panelists
Wealth Management in LuxembourgGlobal results
Evolution of Wealth Bands in terms of Assets
Evolution of Geographic Origin of Client Assets
Wealth management and digitalisationü Shifting client needs combined with available technology are disrupting traditional private
banking models while also creating huge opportunitiesü Growing demand for digital:
• from customers: high demand for digital tools to improve the global interaction experience. New generation of clients is digital.
• from Wealth Managers: growing demand for digital instruments to better reach and interact with client. Capgemini study reveals that 80% of Wealth Managers believe digital tools have positive impacts on their overall ability to interact with customers
ü Traditional and digital channels no longer co-exist but merge => hybrid model (Robo advisor, RegTech,…)
ü Increasing digitalisation implies increasing investments and recurring costs (tools development, cyber-security,…)
Luxembourg Wealth Management Service Offer
KAPITALFÖRSÄKRINGAR - FÖRMÖGENHETS- OCH SUCCESSIONSPLANERING UR ETT
PAN-EUROPEISKT PERSPEKTIV
Experts:Cecilia Bjerke-Quirke, Country Manager Sweden, Foyer InternationalRoberth Josefsson, Sales Director Sweden, Swiss Life Luxembourg Daniel Starberg, Senior Wealth Planner, Lombard Intermediation Services
Moderator:Marc Lauer, Vice-Chairman, Luxembourg Insurance and Reinsurance Association (ACA)
Panelists
Non LifeLocal Market
4%Non Life Insurance
abroad11%
Life InsuranceLocal Market
7%Life Insurance
abroad78%
CROSS BORDER LIFE INSURANCE EXPERTISE
Source: Luxembourg Insurance and Reinsurance Association (ACA), Q4 2016
Luxembourg Insurance Premiums
Source : ACA Source : Commissariat aux Assurances (CAA)
20,4
13,5
19,818,4
21,919,7 20,3
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016
PremiumsBn €
82,4 85,7101,1
111,1
136,6148,7
159,8
020406080
100120140160180
2010 2011 2012 2013 2014 2015 2016
Assets under ManagementBn €
Life insurance
France31%
Italy21%
Germany7%
Belgium6%
Luxembourg8% Sweden
5%Portugal
4% UK3%
Spain3%
Finland2%Poland
1%Other EU countries
1%
EEE2%
Outside EEA6%
Other12%
CROSS BORDER LIFE INSURANCE EXPERTISELife Insurance Premiums 2016 - Split
Source : Luxembourg Insurance and Reinsurance Association (ACA)
Source : Luxembourg Insurance and Reinsurance Association (ACA)
377258
1140
287169
1359
960
0
200
400
600
800
1000
1200
1400
1600
2010 2011 2012 2013 2014 2015 2016
PremiumsMn €
1,61,4
1,61,8
1,2
2,8
3,7
0
0,5
1
1,5
2
2,5
3
3,5
4
2010 2011 2012 2013 2014 2015 2016
Assets under ManagementBn €
Luxembourg life insurance for Swedish customers
Principle (since 1994): 1 European country authorised to market its products and provide cross-border services in other European states
3rd European life insurance directive framework
14
26,46 billion € Contract law
=Policyholder country of residence
Luxembourg prudential rules
_ bank_ insurance_ reinsurance _ securities_ Investment funds_ EU passport being implemented_ hedge funds_ private equity_ real estate
EU Passport
15
26,46 billion €
1 500 KM
2 100 KM
LUXEMBOURG
2 100 KM
Clients’ needs
FlexibilityPrivacy
Asset & Investor protection
Insurance Tax Framework Portability
Estate Planning
_ CAA Investment rules _ Quarterly checks _ Protection against creditors_ Separation of clients' assets_ ‘Super Privilege’
Luxembourg’s unique policyholder protection
CAA
Insurer
Policy -holder
CAA Approved Custodian
Bank
INSURER
Key players
Policyholder
CAA
Tax Advisor
Legal Advisor
Family Office
Asset Manager
Intermediary Custodian Bank
Authorised financial instruments
* Circular letter 15/3 (CAA)
Specialised Investment Funds Unlisted assetsAssets with reduced liquidityHedge fundsRaw materialsPrecious metals
External fundsUCITSEquitiesBonds
Other EU countries
Luxembourg*
Why choosing Luxembourg life insurance?
Taxation of the country of policyholder country of residence
Centralisation of financial assets and estate planning while abroad
Centralisation
Security triangle with separated assets
Dedicated FundsSpecialised Insurance Funds
Tax neutrality Policyholder protection
Tailor-made Management
An integrated and sophisticated solution
KAPITALFÖRSÄKRINGAR - FÖRMÖGENHETS- OCH SUCCESSIONSPLANERING UR ETT
PAN-EUROPEISKT PERSPEKTIV
Experts:Cecilia Bjerke-Quirke, Country Manager Sweden, Foyer InternationalRoberth Josefsson, Sales Director Sweden, Swiss Life Luxembourg Daniel Starberg, Senior Wealth Planner, Lombard Intermediation Services
Moderator:Marc Lauer, Vice-Chairman, Luxembourg Insurance and Reinsurance Association (ACA)
Panelists
Non Life Local Market
[POURCENTAGE] Non Life Insurance
abroad [POURCENTAGE]
Life Insurance Local Market
[POURCENTAGE] Life Insurance
abroad [POURCENTAGE]
Cross-border life insurance expertise
Source: Luxembourg Insurance and Reinsurance Association (ACA), Q4 2016
Luxembourg Insurance Premiums
Source : ACA Source : Commissariat aux Assurances (CAA)
20,4
13,5
19,818,4
21,919,7 20,3
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016
PremiumsBn €
82,4 85,7101,1
111,1
136,6148,7
159,8
020406080
100120140160180
2010 2011 2012 2013 2014 2015 2016
Assets under ManagementBn €
Life insurance
Cross-border life insurance expertiseLife Insurance Premiums 2016 - Split
Source : Luxembourg Insurance and Reinsurance Association (ACA)
Source : Luxembourg Insurance and Reinsurance Association (ACA)
377258
1140
287169
1359
960
0
200
400
600
800
1000
1200
1400
1600
2010 2011 2012 2013 2014 2015 2016
PremiumsMn €
1,61,4
1,61,8
1,2
2,8
3,7
0
0,5
1
1,5
2
2,5
3
3,5
4
2010 2011 2012 2013 2014 2015 2016
Assets under ManagementBn €
Luxembourg life insurance for Swedish customers
Principle (since 1994): 1 European country authorised to market its products and provide cross-border services in other European states
3rd European life insurance directive framework
27
26,46 billion € Contract law
=Policyholder country of residence
Luxembourg prudential rules
_ bank_ insurance_ reinsurance _ securities_ Investment funds_ EU passport being implemented_ hedge funds_ private equity_ real estate
EU Passport
28
26,46 billion €
1 500 KM
2 100 KM
LUXEMBOURG
2 100 KM
Clients’ needs
FlexibilityPrivacy
Asset & Investor protection
Insurance Tax Framework Portability
Estate Planning
_ CAA Investment rules _ Quarterly checks _ Protection against creditors_ Separation of clients' assets_ ‘Super Privilege’
Luxembourg’s unique policyholder protection
CAA
Insurer
Policy -holder
CAA Approved Custodian
Bank
INSURER
Key players
Policyholder
CAA
Tax Advisor
Legal Advisor
Family Office
Asset Manager
Intermediary Custodian Bank
Authorised financial instruments
* Circular letter 15/3 (CAA)
Specialised Investment Funds Unlisted assetsAssets with reduced liquidityHedge fundsRaw materialsPrecious metals
External fundsUCITSEquitiesBonds
Other EU countries
Luxembourg*
Why choosing Luxembourg life insurance?
Taxation of the country of policyholder country of residence
Centralisation of financial assets and estate planning while abroad
Centralisation
Security triangle with separated assets
Dedicated FundsSpecialised Insurance Funds
Tax neutrality Policyholder protection
Tailor-made Management
An integrated and sophisticated solution