Profits up by almost €4m at insurance firm Foyer Group
Luxembourg insurance company Foyer Group saw its profits increase by almost €4 million last year, according to the firm’s latest annual results released on Tuesday.
The group, which was founded in Luxembourg over a century ago, posted net income of €150.7 million for 2023, up from €146.9 million a year earlier.
The strong performance for the company, which operates across 11 European countries, was propelled by a surge in insurance revenues in the Grand Duchy. Revenue for insurance in Luxembourg jumped to €826.6 million last year, an increase of almost 10% from €761.5 million recorded in 2022.
This comes despite the sector in the Grand Duchy recording a decline of 6.1% in premium income in 2023, according to a report issued by the the Association of Luxembourg Insurers and Reinsurers (ACA) at the end of March.
There was also a rise in revenues from insurance cover to customers in Belgium – up by almost €3 million to €37.2 million – while there was an almost four-fold increase in income from health insurance for expats, which surged to just under €150 million, from slightly over €40 million in 2022.
Foyer Group added more than €2 billion to its total balance sheet, which rose to over €21 billion by the end of last year, the annual results showed.
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