Annual report
2023
Group’s activities
26.7
billion in assets under contract
billion in assets under contract
441.000
clients
clients
1.604
employees and agents
employees and agents
11
European countries
European countries
Non-life insurance
Life insurance
Asset management
Revenue
€ million, earned premiums
Insurance in Luxembourg
826.6
761.5 in 2022
761.5 in 2022
Life insurance under the freedom to provide services regime
1,529.4
1,524.1 in 2022
1,524.1 in 2022
Insurance in Belgium
37.2
34.6 in 2022
34.6 in 2022
Health insurance for expatriates
149.6
40.6 in 2022
40.6 in 2022
Loss account
€ millions
Profit and loss account
(Group share)
Earned premiums net of reinsurance
Operating profit
Tax
Earned premiums net of reinsurance
Operating profit
Tax
Total balance sheet
21,094.17
€ million
19,040.9 in 2022
Equity capital
*Part du Groupe, hors actions propres
1,329.8
€ million
1,157.7 in 2022
coverage rate of the solvency II requirements
> 200%
Assets under contract
Insurance
Life insurance under the freedom to provide services regime and in unit-linked contracts on the local market
16.29
€ billion
14.79 in 2022
Asset management
10.40
€ billion
8.89 in 2022
Financial statements 2023 In a few key dates
1922
Incorporation of Le Foyer
Compagnie Luxembourgeoise d’Assurances S.A.
1923
-
1925
Le Foyer diversifies its business in Germany, France and Belgium,
which it gradually sold off over the 20th century.
1940
The company goes into receivership.
1945
-
1975
The “Glorious Thirty”:
Le Foyer participates in Luxembourg’s post-war economic boom.
1990
Inception of Foyer Finance
1992
Acquisition by Foyer Finance
of a major stake in Luxempart S.A. (formerly BIL-Participations).
1996
Creation of Foyer International S.A.
1997
Creation of Foyer Asset Management.
1998
Creation of Le Foyer S.A.
a company that becomes a development hub for the Group’s insurance and asset management activities.
1998
Creation of Le Foyer Patrimonium.
1999
Creation of Le Foyer Santé.
2000
Le Foyer S.A. launches an IPO on the Luxembourg and Brussels stock exchanges.
2005
New company name:
Le Foyer S.A. becomes Foyer S.A. – Company names harmonised to become Foyer Assurances/Vie/Santé.
2006
Transfer of the head offi ce from Luxembourg- Kirchberg to Leudelange.
2008
Le Foyer Patrimonium and Foyer Asset Management
merge to become Foyer Patrimonium S.A.
2009
Foyer S.A. acquires CapitalatWork
which merges with Foyer Patrimonium to become CapitalatWork Foyer Group.
2014
Foyer launches a share buyback offer
and withdraws its listing from the Luxembourg and Brussels stock exchanges to become a non-listed company.
2014
Launch of the Foyer Global Health business.
2016
-
2017
Foyer S.A. acquires IWI International Wealth Insurer S.A.
which merges with Foyer International to become WEALINS S.A
2019
-
2020
Foyer S.A. acquires GB Life Luxembourg S.A.
which becomes part of WEALINS
2022
Foyer S.A. acquires Nexfin
a specialist mortgage broker.
2022
Foyer Group celebrates its centenary.
2023
Foyer S.A. acquires Globality S.A.
and strengthens its position in the international health insurance marketThe message from the Chairman
Eric Kleynen
Chairman
Foyer will be able to take advantage of the social, technological, and financial changes to come
Message from the Managing Director
Marc Lauer
Managing Director
In 2023, Foyer maintained its commitment to excellence and innovation.
The board of directors
Habib Guergachi
Non-executive and independent Director
Peter Vermeulen
Secretary of the Board
Chief Legal and Compliance Officer
Chief Legal and Compliance Officer
Romain Becker
Non-executive and independent Director
Valentine Karsenty
Non-executive Director
Marc Lauer
Executive Director
Managing Director
Managing Director
Eric Kleynen
Chairman of the Board of Directors
Non-executive and independent Director
Non-executive and independent Director
Lionel de Hemptinne
Non-executive Director
Benoît Tesch
Non-executive Director
Carine Feipel
Non-executive and independent Director
Alain Kinsch
Non-executive and independent Director
John Penning
Non-executive Director
Habib Guergachi
Non-executive and independent Director
Peter Vermeulen
Secretary of the Board
Chief Legal and Compliance Officer
Chief Legal and Compliance Officer
Romain Becker
Non-executive and independent Director
Valentine Karsenty
Non-executive Director
Marc Lauer
Executive Director
Managing Director
Managing Director
Eric Kleynen
Chairman of the Board of Directors
Non-executive and independent Director
Non-executive and independent Director
Lionel de Hemptinne
Non-executive Director
Benoît Tesch
Non-executive Director
Carine Feipel
Non-executive and independent Director
Alain Kinsch
Non-executive and independent Director
John Penning
Non-executive Director
The executive committee
Composition at 31 December 2023
Benoît Dourte
Human Resources and Cross Company Services Director
Luc Rasschaert
International Life Insurance Director Chief Executive Officer of WEALINS
Marc Lauer
Chief Executive Officer of Foyer S.A.
Franck Marchand
Chief Operating Officer Local Market
Jim Rasqué
Chief Financial Officer from 1er January 2024
Remy Els
Information Systems Director
Philippe Bonte
Chief Financial Officer until 31 December 2023
Maarten Rooijakkers
Wealth Management Director Chief Executive Officer of CapitalatWork Foyer Group
Peter Vermeulen
Chief Legal and Compliance Officer
Gilbert Wolter
Sales and Marketing Director Local Market
Renaud Durand
Chief Investment Officer
Annick Felten
Chief Risk Officer
(Absent from photo)
Benoît Dourte
Human Resources and Cross Company Services Director
Luc Rasschaert
International Life Insurance Director Chief Executive Officer of WEALINS
Marc Lauer
Chief Executive Officer of Foyer S.A.
Franck Marchand
Chief Operating Officer Local Market
Jim Rasqué
Chief Financial Officer from 1er January 2024
Remy Els
Information Systems Director
Philippe Bonte
Chief Financial Officer until 31 December 2023
Maarten Rooijakkers
Wealth Management Director Chief Executive Officer of CapitalatWork Foyer Group
Peter Vermeulen
Chief Legal and Compliance Officer
Gilbert Wolter
Sales and Marketing Director Local Market
Renaud Durand
Chief Investment Officer
Annick Felten
Chief Risk Officer
Foyer group at a glance
Created in 1922, Foyer S.A. is a leading financial player in Luxembourg. Leader in the Luxembourg insurance market, the Group is also active in Europe and worldwide through three business lines: insurance, benefit protection insurance and wealth management.
Insurance in Luxembourg
Insurance in Belgium
Life insurance under the freedom to Provide Services Regime
Health insurance for expatriates
Wealth management
Insurance in Luxembourg
A long-standing leader in the local insurance market, Foyer has always served a client base of families and businesses, offering bespoke and high-return insurance solutions to help them plan with peace of mind for their own future, or that of their loved ones or their business.
> 159,000
insured households in Luxembourg.
93%
of MyFoyer users are satisfied with the app.
92%
of clients are satisfied with the management of their claim.
Foyer’s comprehensive and flexible product range covers its customers’ needs in terms of car and home insurance, health cover and life insurance solutions for savings and pensions. Foyer has also developed a range of products to meet the specific needs of its customers in terms of both vehicle and property financing.
Insurance in Belgium
Foyer has been present in the Frenchand German-speaking regions of Belgium for over 20 years and has expanded its activities in Flanders since 2021.
In Belgium, Foyer has positioned itself as a challenger to the major companies, marketing its non-life insurance products exclusively through a network of selected brokers. The product range is aimed primarily at individuals and the selfemployed, and responds to changing expectations and behaviour in terms of mobility and digitisation.
In Belgium, Foyer has positioned itself as a challenger to the major companies, marketing its non-life insurance products exclusively through a network of selected brokers. The product range is aimed primarily at individuals and the selfemployed, and responds to changing expectations and behaviour in terms of mobility and digitisation.
>85%
of SLAs (claims processing times) met in respect of underwriting and claims.
+7.4%
revenue
Foyer’s advantages
Proximity to its network of partner brokers, thanks to a team on a human scale and distribution exclusively reserved for brokers
The development of an innovative offering co-created with brokers
An agile and responsive team, passionate about the continuous improvement of its offering and services
The development of an innovative offering co-created with brokers
An agile and responsive team, passionate about the continuous improvement of its offering and services
The mission of Foyer Assurances is to offer a targeted clientele, mainly private individuals and the self-employed, innovative and reliable solutions to support their mobility in the broadest sense and protect their property assets in a personalised way. The products are offered exclusively through a limited network of brokers.
Health insurance for expatriates
Foyer Global Health offers international health insurance solutions for expatriates, multinational companies, and organisations of all sizes with employees around the world.
The company works with a number of international partners and brokers to provide high quality products and services in over 140 countries.
In 2023, Foyer Global Health was strengthened through the merger with Globality Health, another well-known Luxembourg-based insurance player
The company works with a number of international partners and brokers to provide high quality products and services in over 140 countries.
In 2023, Foyer Global Health was strengthened through the merger with Globality Health, another well-known Luxembourg-based insurance player
Foyer Global Health works with numerous partners and brokers around the world to ensure a quality offer and service in more than 140 countries.
Partnerships
on 5 continents
Active in
142 countries
+ 66%
growth in the premium portfolio
127
employees
Life insurance under the freedom to Provide Services Regime
For over 30 years, WEALINS has been supporting its international partners and their clients to anticipate and meet their wealth expectations and ambitions. It specialises in developing innovative life insurance and capitalisation solutions on 10 European markets.
> 14,200
policies
> 130
expert staff from 11 different nationalities
€ 15.8 billion
in assets under management
90%
of new business is entirely digital
Combining operational excellence and entrepreneurial spirit on a daily basis
Wealth management
For over 30 years, CapitalatWork has managed the assets of both private and institutional clients. Thanks to its team of experts, it maintains a relationship of trust with its clients. CapitalatWork applies a rigorous investment methodology and only selects assets that have been subject to in-depth analysis and meet high quality standards.
> 159
employees
€ 10 billion
in capital under management mandates, including €6 billion for private clients
7 officies
in three countries (Benelux)
> 5,500
private clients trust CapitalatWork to manage their assets
For over 30 years, CapitalatWork has managed the assets of both private and institutional clients
Corporate social responsibility
Foyer Group has chosen to place sustainability at the heart of its strategy in order to meet environmental, social and good governance challenges. It aims to contribute to a more sustainable society through its Corporate Social Responsibility (CSR) actions. The Group’s stated ambition is: “To act and innovate alongside our customers, partners and stakeholders to contribute to a better world”
Every day, Foyer strives to demonstrate its commitment, as it has done throughout its 100-year history.
4
financial products awarded by the LuxFLAG label
Thematic working groups
- Ecology
- Gender equality
- Humanitarian
- Health and Wellbeing
- Solidarity
110
generous employees take part in the rounding-off of salaries programme in aid of the AEIN association
Signature of Luxembourg Women in Finance Charter
Achievements 2023
January
Foyer launches a new Private Car Leasing offer in partnership with ALD Automotive and rentme.
March
Foyer S.A. acquires Globality Health
and strengthens its position in the international expatriate health insurance market.
April
Foyer S.A. Board
After 40 years in office, François Tesch steps down as Chairman of the Board.
June
Launch of credihome,
the Group’s new mortgage broker brand, following the acquisition of Nexfin in November 2022.
September
WEALINS unveils the first edition of its Wealth Insurance Forum,
which brought together nearly 200 European wealth management and wealth insurance specialists.
September
25th anniversary of the Contrarian Equities at Work fund, CapitalatWork’s flagship product.
October
As part of its “Foyer against cancer” programme
Foyer is launching the Pink October campaign, in collaboration with the Cancer Foundation, to inform people and raise awareness of the fight against breast cancer.
December
