Lombard demonstrated a good financial performance in 2012. Both sales and assets under administration showed positive growth.
New business premium income reached €2.9 billion, an increase of 7% on the prior period. Several markets have performed well demonstrating the inherent benefit of a diverse geographic footprint. We have continued to direct a greater element of our sales and distribution effort in the direction of private banking partners, or larger wealth management and financial advisory players. These partners have the scale and potential to provide a more consistent flow of business year on year.
Underlying IFRS operating profit increased in the period to close to €47 million, benefiting from the growth in assets under administration and the continued tight control of operating expenses across the business to deliver our services.
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(Source: Lombard Intermediation Services)
