Press release   |   18.04.2023

Board of Foyer S.A.: After 40 years of activity, François Tesch passes the baton.

Foyer S.A. held its Annual General Meeting on 18 April 2023, at which it announced important changes to its Board.

François Tesch

A new Chairman and four new directors

After 40 years of activity in the company, François Tesch, member of the Board of Directors of Foyer S.A. since 2000 and Chairman since 2014, is stepping down. He will remain within the Group as Managing Director of Foyer Finance, the parent company of Foyer S.A., where he will be active daily.

On this day, the shareholders would like to thank him warmly for his contribution and dedication to the company over the years. From the time he joined the Group in 1983, François Tesch was able to identify the opportunities that arose, particularly with the opening of the European markets, to develop Foyer from a Luxembourg insurance company into a financial group of international scope.

I had the privilege of meeting and working with talented colleagues for 40 years and I thank them all for everything they have done for me during this period.

François Tesch, outgoing Chairman of the Board of Foyer S.A.

The assembly then appointed a new Chairman, Eric Kleynen, a member of the Board of Foyer S.A. since 2021. The appointment of this great professional, who knows the insurance world very well, having spent his entire career in the insurance business, was welcomed by the shareholders.

In addition to this change in the chairmanship of the Board, the departures of Philippe Worré, Michel Tilmant and Alain Huberty, and the appointments of Valentine Karsenty, Benoît Tesch, John Penning and Lionel de Hemptinne as directors are also noteworthy.

A solid result in a difficult 2022

At the meeting, the shareholders also approved the 2022 accounts of Foyer S.A.

Like the entire financial and insurance sector, Foyer was impacted by the war in Ukraine in 2022, with volatile stock markets, the onset of recession and an inflationary context. In the face of these challenges, the company managed to maintain a strong result, thanks to the robustness of its products and the commitment of its employees and agents.

As a result, the Group’s turnover, accounted for under Luxembourg standards with financial assets valued at their fair value, amounts to € 2 360.81 million in 2022, down 14.7% compared to 2021. Thanks to good operating results, the consolidated profit after tax remains good at € 147.72 million for the year 2022. However, this solid result could not compensate for a negative impact of 8.8% of the valuation of financial assets on the equity capital.

In a geopolitical and financial context that remains tense, the shareholders of Foyer S.A. stay confident in the company’s ability to continue its growth and maintain its leading position in the market.

The achievements and results for 2022 can be found in Foyer S.A.’s digital Annual Report 2022.

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