GamaLife secures financial strength following entry into the Italian market

Lisbon, 13 April 2023. GamaLife closed the year 2022 with a strong capital position and larger, more diversified sources of revenue following the acquisition of a business unit through its Italian branch.

With €9.4 billion in assets, GamaLife is now the third largest insurance group in Portugal and amongst a selected group of European life insurance consolidators.

At 31 December 2022 GamaLife’s Solvency II Eligible Own Funds were €615m, an increase of €88 million compared to the previous year, inclusive of the acquisition of the Italian business and the redemption of €45 million Tier 2 subordinated debt in the fourth quarter.
The Company’s regulatory Solvency Capital Requirement (SCR) was €310 million, an increase of €156 million compared with the previous year. This significant increase was due to the incorporation of the Italian portfolio. The Solvency II coverage ratio at 31 December 2022 was 199%.

GamaLife’s IFRS equity increased by 17% to €276 million.

Production in 2022 totalled €271 million. A 63% year on year decrease in production in Portugal, to €220 million, was mainly driven by a decrease in unit-linked product sales partially offset by an increase in guaranteed premiums and stable performance in risk products.
In 2022, the Company recorded an IFRS net profit of €311 million, which represents a significant increase compared to the €42.5 million recorded in the previous year. In addition to operating income from the Portugal business for the year and from Italy in the month of December, this accounting profit was strongly reinforced by material non-repeating factors. An extraordinary gain was recorded on the opening balance sheet of the Italian branch, reflecting the IFRS fair valuation of the business acquired, and a significant variation in the technical provision for rate commitments (the liability adequacy test or “LAT” reserves), due to the sharp rise in interest rates during the year.

“The year 2022 was very important for GamaLife. We completed the acquisition in Italy, in what was the first step towards building our vision of a pan-European company based in Portugal. In Italy we added over 180,000 new clients to our existing 340,000 at the end of December, and established agreements with over 400 insurance agents and brokers and almost 60 bank partners. We also welcomed new colleagues that have joined our Milan branch from several primary institutions, including Zurich.” said Matteo Castelvetri, CEO of GamaLife.

He added, “In a year marked by one of the greatest moves in interest rates and weak performance in all asset classes, we had to be nimble and adjust our ways to the new reality. In Portugal, sales of unit-linked products proved difficult, and we decided to reopen guaranteed products, which continue to perform strongly in 2023. As always, we remain committed to providing a sound organisation for the benefit of our clients, employees and partners.“

Find HERE the Report & Accounts 2022 and the SFCR Report 2022

About GamaLife

GamaLife is a pan-European life insurance and wealth management platform founded in 2019 and operating mainly in the areas of technology and sustainability.

At the end of 2022, GamaLife was the third largest insurance group in Portugal by assets, with €9.4bn assets under management.
In Portugal, the Company’s total volume of business in 2022 amounted to €220.1 million. At the end of 2022, GamaLife was the seventh largest insurer in the country in Life premium with a market share of 3.7%.

GamaLife’s mission is to serve the end client in his protection and savings concerns; to serve the distribution channels with levels of service excellence and to consolidate the business and its organizational structure, adding value for shareholders and employees.

For more information see www.gamalife.pt or contact:

Hugo Real | hr@cunhavaz.com | 927 997 948 (Press) 

Lourenço Galvão | lsg@cunhavaz.com | 910 127 228 (Press)

investidor@gamalife.pt  (Investidores)