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Annual report

2023

Group’s activities

26.7
billion in assets under contract
441.000
clients
1.604
employees and agents
11
European countries

Non-life insurance

Life insurance

Asset management

Revenue

€ million, earned premiums

Insurance in Luxembourg

826.6
761.5 in 2022

Life insurance under the freedom to provide services regime

1,529.4
1,524.1 in 2022

Insurance in Belgium

37.2
34.6 in 2022

Health insurance for expatriates

149.6
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
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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 market

The 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
Romain Becker Non-executive and independent Director
Valentine Karsenty Non-executive Director
Marc Lauer Executive Director
Managing Director
Eric Kleynen Chairman of the Board of Directors
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
Romain Becker Non-executive and independent Director
Valentine Karsenty Non-executive Director
Marc Lauer Executive Director
Managing Director
Eric Kleynen Chairman of the Board of Directors
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

Audit, compliance and risk management committee

Composition at 31 December 2023
Alain Kinsch Chairman of the Committee
Non-executive and independent Director
Eric Kleynen Chairman of the Board of Directors
Non-executive and independent Director
Lionel de Hemptinne Non-executive Director
John Penning Permanent guest
Non-executive Director
Fabienne Dalne Secretary of the Committee
Head of Internal Audit

Appointment and remuneration committee

Composition at 31 December 2023
Romain Becker Chairman of the Committee
Non-executive and independent Director
Eric Kleynen Chairman of the Board of Directors
Non-executive and independent Director
Benoît Tesch Non-executive Director
Nathalie Worré Non-executive Director of Foyer Finance S.A.
Benoît Dourte Secretary of the Committee
Human Resources and Cross Company Services 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.
>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 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
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

6th Foyer Hackathon on the theme of generative AI

an important issue for Foyer and the insurance sector.