GamaLife maintains growth trajectory and presents net profit of 92 million euros in 2023

Lisbon, 31 May 2024.  In 2023, GamaLife strengthened its position in the market by increasing its net profit to 92 million euros, compared to 21 million euros in the same period last year.

Regarding total production, the Company reached 507 million euros, compared to the 271 million euros recorded at the end of 2022. The 87.5 % increase follows the stable production of protection products and the evolution in the savings business in Portugal, plus approximately 167 million euros in premiums in Italy.

GamaLife’s shareholders equity rose by around 51 million euros (24%) to 263 million euros in 2023 due to the impact of the financial markets and the improvement in net income for the financial period. On 31 December 2023, the Solvency Coverage Ratio was 239%[1] (199% in December 2022).

“In Portugal, we ended the year 5th in the Total Life market share ranking and 3rd place in Life, excluding Unit Linked products, following the success of our new fixed-rate guaranteed Retirement Savings Plan. 2023 was also marked by the fact that, in the last quarter, we launched a new Retirement Savings Plan and a new rate for mortgage protection life insurance,” said Matteo Castelvetri, CEO of GamaLife.

“In Italy, we maintained a deep operational focus to finalise the launch of the branch and realise the integration of services still provided by Zurich.  We more than doubled our team, with very successful hires in key roles from renowned Italian institutions. At the same time, we integrated certain functions at the governance level in Portugal, which resulted in better coordination, cost efficiency and the strengthening of our pan-European vision.”

Total assets fell by 8.9% to 8.3 billion euros at the end of 2023 following the volume of redemptions in the Italian branch, which reflected a generalised increase in redemptions of insurance financial products in the Italian market. This effect was partially mitigated by the higher production volume in retirement savings business in Portugal and Italy.

The figures presented for 2022 are restated under the IFRS17, the new accounting standard for insurance business, and only include one month of operations in Italy.

[1] Unaudited

Find HERE the Report & Accounts 2023

About GamaLife

GamaLife is a pan-European life insurance and wealth management platform founded in 2019 and operating mainly in the areas of technology and sustainability.

In 2023, GamaLife was the fifth-largest life insurance group in Portugal, with a market share of over 6%. GamaLife was ninth in the ranking of the largest insurance groups in Portugal.

The company’s total volume of business in 2023 totalled more than 500 million euros, with 8.3 billion euros in assets under management in Portugal and Italy.

GamaLife’s mission is to serve the end customer in their protection and savings concerns; to serve the distribution channels with levels of service excellence and to consolidate the business and its organisational structure, adding value for shareholders and employees.

For more information see www.gamalife.pt or contact:

Hugo Real | hr@cunhavaz.com | 927 997 948 (Press) 

Lourenço Galvão | lsg@cunhavaz.com | 910 127 228 (Press)

investidor@gamalife.pt  (Investidores)