2022 is going to be an important year for WEALINS. Why is that?
2020 will be a special year for both WEALINS and our shareholder Foyer Group. Indeed, WEALINS will be celebrating its thirtieth anniversary and therefore it will be an important milestone in our history. In addition, it will be the centenary of Foyer Group. This reflects not only the solidity and stability of our company but also our willingness to support our partners and their clients over the long term. And as such we intend to celebrate these important dates with our partners.
WEALINS is a part of Foyer Group. What are the advantages of this?
Foyer Group has a unique DNA: after all it is the largest private financial group in Luxembourg, it is independent of any international financial institution, as well local “roots” and family ownership. As a subsidiary of the Group this brings us some advantages. We have a centralized decision-making power in Luxembourg, which allows us to react and to take decisions quickly. Furthermore, we are talking about a Group with a solvency ratio II above 200%, whose longevity and stability is well known in Luxembourg. All this tends to reassure our partners and their clients with whom we are committed to building a long-term relationship of trust. Foyer Group has created an unique corporate culture (shared by WEALINS), which is based on 5 values: Trust, Excellence, Innovation, Integrity, and Independence. Every employee contributes and is involved in the development of the company. This also explains the low turnover within the company.
In 2022, WEALINS celebrates its 30th birthday. What is it remarkable for?
Over the past 30 years, WEALINS has built up a strong expertise in the field of wealth insurance, both by relying on its in-house teams of experts and by collaborating with reference partners. Our teams are driven by a single objective: to provide quality service to our partners and their clients. I believe that WEALINS has managed within 30 years to assert itself as a resilient, solid, reliable, and flexible insurance company. That’s why, we are now recognized among the leaders and part of the Top 3 wealth insurance companies operating under the Freedom to Provide Services regime from Luxembourg.
How do you describe 2021, in what concerns to business? Was possible to grow?
In 2021, we were able to confirm our ambitions and maintain our growth. If 2020 had already been an exceptional year in terms of new production, as we had managed to close the year with 1.7 billion euros of collected premiums, 2021 raised that bar. And we owe all this success in another year of challenges, to our entire team, and to the trust of our partners and their clients.
What are the main reasons, from your point of view, that can explain WEALINS success?
I believe that our 30 years’ experience in this type of business, our internal and external expertise, the fact that we are a flexible and dynamic company and the focus of the entire WEALINS team on service excellence have been the reasons that explain the success of WEALINS.
What are the main advantages of the Luxembourg life insurance contracts?
WEALINS is a wealth insurance company specialized in designing tailor-made life insurance and capitalization solutions, considering the client’s country of residence, his professional and family situation, as well as his needs and objectives. WEALINS’ range of solutions aims at structuring, preserving, and transmitting the client’s assets, within a secure environment.
The Luxembourg life insurance contract developed by WEALINS offers multiple advantages, including: the strongest policyholder protection regime in Europe (with the safety triangle), some flexibility (via for example the access to a wide range of underlying assets), tax neutrality, such as tax benefits, as well as the portability (meaning that we can accompany the policyholder when he moves).
What about Portuguese market? How would you describe it?
Portugal is undoubtedly a mature market in this type of solutions. Our partners already know the advantages that our solutions can provide to their clients and given the legal framework and the latest economic crises the country has been through, the security that this type of solution provides ends up creating several business opportunities for WEALINS. And I believe we still have many opportunities in this market.
What are the types of clients in this market? What about their needs?
The Portuguese client is an increasingly demanding and informed client. It is an increasingly international client looking for reliable and secure solutions to protect his wealth. Life insurance, as well as the transmission of wealth, has become a more conscious issue in global society, with the pandemic has awakened a sense of its importance. Mainly in the transmission of wealth, where people have started to worry about safeguarding their relatives in the future.
The main objectives of our clients are the security, structuring and succession planning of their wealth. And at WEALINS we are able to support them and provide and share this expertise.
What are the next challenges for both WEALINS and the sector it operates in?
Maintain our excellent quality of service to which our partners and their clients are used to, to continue to develop unique solutions in a market with increasingly sophisticated and international partners and clients and, above all, remain among the leaders and the preferred wealth insurance company operating from Luxembourg.
Furthermore, digitization will continue to play an important role in the coming years. At WEALINS, we are currently working on the digitization (underwriting and all online operations) of our insurance contracts in all markets where we operate.