Luxembourg, a cyclical or structural success?
Laurent Gayet : Numbers speak louder than words. For 5 years, Luxembourg life insurance has represented between 35 and 40% of collections on the French market. It is true that there may be accelerated economic factors, such as the elections in France, but the basis is there. Luxembourg’s success is also undeniable in terms of funds: a record was broken in 2021 with €6 billion under management. 77% of the 50 largest managers in the world have their funds domiciled in Luxembourg
The entire Luxembourgish ecosystem (driven by a triple A rating and one of the least indebted countries in Europe) attracts to the top an international wealth management that has no equal in Europe.
A success that can also be explained by multilingual experience, legal and fiscal stability, the existence of a life insurance contract, the Mozart of contracts, and an unparalleled history in managing cross-border flows. Luxembourg has become a staple of international heritage reflexology.
Is AXA Lifinity Europe a desirable or essential complement to the French life insurance offered by AXA THEMA?
Edward Peter : AXA THEMA’s development strategy is based on one of the widest ranges on the market for CGP, with a complete retirement and banking offer in particular, and of course a savings insurance offer in France and Luxembourg. We are not a single product platform but a service platform. Our goal is to provide our CGP partners with all the necessary tools to configure the wealth advice they deliver to their clients.
In this case, the Luxembourg life insurance contract allows us to cover certain needs of savers in addition to the French contract. We can clearly see that with the internationalization of assets, it has become essential to offer, in addition to the French contract, a Luxembourg offer more suitable for expatriation situations, for example. AXA Lifinity Europe also allows us to offer broader, more flexible and more specialized investment solutions that meet the expectations of certain investors. Financial flexibility that suits Luxembourg well is a criterion of attractiveness, especially as the range is wide with in particular FIC, FID and even FAS.
In short, whether for clients seeking the protection of the Luxembourg system, wishing to expatriate or seeking specific investment solutions, the Luxembourg contract is an essential complement to our offer.
How does Luxembourg position itself on the current issues of digitization, sustainable finance and private equity?
Laurent Gayet : Luxembourg pioneered sustainable finance by launching the Green Exchange, which is the world’s first green stock market. Lux flag is one of the leading ESG labelers in Europe. Beyond the textual obligations imposed on all players with the taxonomy, the Grand Duchy wants to be a leader after being a pioneer.
The search for meaning draws investors to real assets and thus to private equity. But, nevertheless, we are thinking of “guidelines” so as not to consider that the Luxembourg insurers, of which we remind you that they own the assets (this is the legal principle of life insurance), carelessly opened the door to these assets to reduced prices. liquidity. However, and even if security withdrawals become the rule to avoid liquidity problems, the field of possible eligible assets is broader than in France and, above all, the methods of execution of the private capital process are well controlled. (requests for funds, management of deductions at source, etc.)
As for digitization, we must not neglect the human dimension, which is reassuring even though digitization is now essential, even more so for Luxembourgers who generate more than 90% of their activity outside the country. AXA Wealth Europe has also developed an online subscription with an efficient electronic signature, but added to this is a customer service whose quality has been a totem for 6 years and continues to be essential in our business.
Source: BFM TV
