GamaLife finalises its recovery and achieves profit in 2021

GamaLife closed 2021 with a total production of €602.6 million, a growth of 108% (the second highest among insurers in the Portuguese market), mainly due to the significant increase in the unit-linked business. The Company finished the year with a production of €529 million in Investment Contracts, which represents an increase of 373% compared to the previous year (the highest among all insurers).

The results for 2021 allowed GamaLife to further consolidate its fifth place in the Portuguese ranking of insurers, with its market share rising from 6.3% in 2020 to 7.8% in 2021. The Company’s evolution was even more positive in insurance-linked to Investment Funds (unit linked), where it obtained a market share of 11.3% (5.7% in 2020).7% em 2020).

Between January and December 2021, GamaLife recorded a positive result, influenced by some non-repeatable factors, of €42.5 million, a figure that compares with the loss of €45.8 million recorded in the same period last year. These figures prove the success of the measures implemented by the Company’s management since its acquisition in October 2019. The main factors that positively influenced the result for 2021 include, amongst others, the effects of the run-off of the portfolio of products with high guaranteed rates, the change in the mix of new products, the investment gains resulting from proactive management of free assets, as well as the movement recorded in the provisions for interest guarantees (Liability Adequacy Test).

As some of the above factors are non-recurring, the Company recognised normalised earnings before interest, taxes, depreciation, and amortisation (adjusted EBITDA) of €19.7 million (a loss of €4.6 million in 2020).

On the costs side, there was an increase in operating expenses, namely in costs with suppliers and external services. Such increase was explained, among others, by the conclusion of the operational separation of Novobanco, which raised IT costs, by investments in expansion and development projects of GamaLife and finally by new key hirings.as contratações chave.

“During 2021, we invested heavily in our business and autonomy, being close to the completion of our operational separation, performed a complete upgrade of our core systems and inaugurated our new headquarters in Lisbon,” says Matteo Castelvetri, CEO of GamaLife.

“We have achieved a lot in a short period, despite the difficulties created by the Covid-19 pandemic,” stresses Matteo Castelvetri, who sets the course for 2022 and beyond: “If the post-Covid economic recovery was already a factor to take into account with regard to our future performance, the current situation in Ukraine represents an even greater challenge, whose consequences for European economies and financial markets are yet to be ascertained. Despite these obstacles, GamaLife will continue to manage the asset portfolio in a prudent and balanced manner. While our ability to adapt to difficult environments is high, our growth depends on the well-being of our employees and our customers, as well as an open economy. To accelerate growth, we continue to look at M&A opportunities with the support of our shareholders,” he concludes.

Earlier in 2022, the Company announced an agreement to acquire a business unit of Zurich Investments Life in Italy, involving a portfolio of Life and pension products with assets of €8.4 billion.

Find HERE the Report & Accounts 2021

About GamaLife

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

In Portugal, the Company’s total turnover in 2021 amounted to €602.6 million. At the end of 2021, GamaLife was the fifth largest insurer in the country in Life with a premium market share of 7.8%.

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 organisational 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) 

José Coelho | jc@cunhavaz.com | 918 928 941 (Press) 

investidor@gamalife.pt (Investidores)