Annual report 2024

Group’s activities

29.7
billion in assets under contract

437,500
clients

1,672
employees and agents

11
European countries

Non-life insurance

Life insurance

Asset management

Revenue

€ million, earned premiums

Insurance in Luxembourg

879.8
826.6 in 2023

Life insurance under the freedom to provide services regime

2,402.3
1,529.4 in 2023

Insurance in Belgium

39.9
37.2 in 2023

Health insurance for expatriates

171.2
149.6 in 2023

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

23,419.6

€ million 21,094.7 in 2023

Equity capital

*Part du Groupe, hors actions propres

1,316.2

€ million 1,329.8 in 2023

coverage rate of the solvency II requirements

> 200%

Assets under contract

€ billion

Insurance

Life insurance under the freedom to provide services regime and in unit-linked contracts on the local market

18.5

16.3 in 2023

Asset management

11.2

10.4 in 2023

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Financial statements 2024

In a few key dates

1922

Incorporation of Le Foyer

Compagnie Luxembourgeoise d’Assurances S.A.

1945 - 1975

The “Glorious Thirty”:

Le Foyer participates in Luxembourg’s post-war economic boom.

1990 - 1999

With the opening of the European markets, Foyer diversifies and becomes an international financial Group.

Foyer Finance, Luxempart, Le Foyer S.A., Le Foyer Assurances, Le Foyer Vie, Foyer International, Foyer Patrimonium and Le Foyer Santé are created.

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.

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.

2017

Foyer S.A. acquires IWI International Wealth Insurer S.A.

which merges with Foyer International to become WEALINS S.A

2022

Foyer Group celebrates its centenary.

2023 - 2024

Foyer S.A. acquires Globality S.A.

which merges with Foyer Santé to form Foyer Global Health.

The message from the Chairman

Eric Kleynen Chairman

Leader in its market, Foyer retains a true entrepreneurial spirit.

Message from the CEO and the Deputy CEO

Marie-Hélène Massard - Marc Lauer Directrice Générale Adjointe - Managing Director

In 2024, Foyer maintained its commitment to excellence and innovation.

The board of directors

Habib Guergachi Non-executive and independent Director

Romain Becker Non-executive and independent Director

Benoît Tesch Non-executive Director

Carine Feipel Non-executive and independent Director

Clément Villaume Secretary of the Board of Directors
Chief Legal and Compliance Officer

Alain Kinsch Non-executive and independent Director

Marc Lauer Managing Director
Executive Director

Eric Kleynen Chairman of the Board of Directors
Non-executive and independent Director

Valentine Karsenty Non-executive Director

Lionel de Hemptinne Non-executive Director

John Penning Vice-Chairman of the Board of Directors
Non-executive Director

Audit, compliance and risk management committee

Composition at 31 December 2024

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
Vice-Chairman of the Board of Directors
Non-executive Director

Fabienne Dalne Secretary of the Committee
Head of Internal Audit

Appointment and remuneration committee

Composition at 31 December 2024

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 2024

Remy Els Information Systems Director

Maarten Rooijakkers Wealth Management Director
Chief Executive Officer of CapitalatWork Foyer Group

Laurent Petitcolas Chief Operating Officer Local Market
from 1st January 2025

Florence Martin Human Resources and Cross Company Services Director
from 1st January 2025

Luc Rasschaert International Life Insurance Director
Chief Executive Officer of WEALINS

Franck Marchand Sales and Marketing Director Local Market
from 1st January 2025

Jim Rasqué Chief Financial Officer

Marie-Hélène Massard Deputy Chief Executive Officer of Foyer S.A..

Marc Lauer Chief Executive Officer of Foyer S.A.

Gilbert Wolter Sales and Marketing Director Local Market
until 31 December 2024

Clément Villaume Chief Legal and Compliance Officer

Laurent Demeulder Chief Risk Officer

Anouk Schouppe Future Chief Executive Officer of CapitalatWork S.A. (Belgium)
Subject to the agreement of the supervisory authority

Benoît Dourte Human Resources and Cross Company Services Director
until 31 December 2024

Renaud Durand Chief Investment Officer

Jean Ceppetelli Future Chief Executive Officer of CapitalatWork Foyer Group (Luxembourg)
Subject to the agreement of the supervisory authority

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

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.

> 160,000

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 Assurances, which has been operating on the Belgian market for 25 years, offers a comprehensive and innovative range of non-life insurance solutions, meeting the specific needs of a targeted clientele of private individuals and professionals in terms of mobility and home protection, through a network of broker partners.

Its vision of insurance is based on two pillars: innovation and proximity, which guide everything it does and are reflected in the range of products and services.

+ 8.8%

revenue

> 85%

of SLAs (claims processing times) met in respect of underwriting and claims.

Foyer’s advantages

Proximity with its network of broker partners, which translates into attentiveness, availability and an increased understanding of needs.
An innovative offer, developed in co-creation with the brokers.
A team on a human scale, at the heart of our commitment to be close to our brokers, in order to provide a personalised and efficient service.

On the Belgian market, Foyer’s mission is to offer a targeted clientele of individuals and professionals a comprehensive and innovative range of solutions to support them in their mobility and meet their home protection needs. Foyer distributes its products via a network of broker partners, in both Wallonia and Flanders, selected for their professionalism and local service.

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 on all continents.
In 2024, Foyer Global Health undertook a reorientation of its strategy to better respond to market challenges and improve its profitability.

Foyer Global Health works with numerous partners and brokers around the world to ensure a quality offer and service on all continents.

Active in

> 100 countries

Partnerships

on 5 continents

+ 17%

growth in the earned premium portfolio

108

employees

Life insurance under the freedom to Provide Services Regime

For over 30 years, WEALINS has been supporting its partners and their clients in their expectations related to the structuring, management and transmission of wealth. The company specialises in developing innovative life insurance and capitalisation solutions in 10 European markets and also develops personalised solutions outside the European Economic Area.

€ 2.4 billion

collected premiums in 2024

€ 17.9 billion

in assets under management

> 95%

of new business is entirely digital

140

expert staff from 11 different nationalities

Relying on a unique approach to ‘Wealth Insurance as a Service’

Wealth management

In 2025, CapitalatWork will celebrate 35 years of existence. A longevity based on rigour, consistency and conviction in its investment methodology. CapitalatWork supports its private and institutional clients in the management and investment of their assets.

Its strength? A relationship of trust, built on proximity to its clients, a rigorous approach and a team of committed experts.

6,000

private clients trust CapitalatWork to manage their assets

€ 11 billion

in capital under management mandates, including €6 billion for private clients

9 officies

in three countries (Benelux)

178

employees

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”