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EFG International has divested its synthetic life insurance portfolio, aiming to strengthen its balance sheet following a recent bond issuance of CHF 340 million. The sale, which involves direct investments in life insurance policies for 44 policyholders, is expected to positively impact the bank's results in the first half of the year. EFG continues its strategy to reduce legacy assets and risks in the life insurance sector, a business it acquired over 15 years ago. Following the announcement, EFG's share price fell by 1.14% to CHF 13.86.
EFG International is divesting a portfolio of synthetic life insurance policies to strengthen its balance sheet following a CHF 340 million bond issuance. The sale, which includes direct investments and hedge instruments for 44 policyholders, is expected to positively impact earnings in the first half of the year and aligns with the bank's strategy to reduce legacy assets and risks in the life insurance sector.
EFG International is selling a synthetic life insurance portfolio, which is expected to have a "slightly positive" impact on earnings in the first half of 2025. This move aims to reduce risks associated with life insurance exposure acquired over fifteen years ago, involving direct interests in policies and hedging instruments for 44 policyholders as of December 31, 2024.
EFG International has divested its synthetic life insurance portfolio, enhancing its balance sheet following a recent bond issuance of CHF 340 million. The portfolio, consisting of direct investments and hedge instruments for 44 policyholders, is expected to positively impact EFG's results in the first half of the year. This move aligns with the bank's strategy to reduce legacy assets and mitigate risks in its life insurance business, which it acquired over 15 years ago.
EFG International reported a net profit of CHF 321.6 million for the 2024 financial year, exceeding last year's record, and announced the acquisition of Cité Gestion to enhance its market position. The Board of Directors will see four new members nominated at the upcoming Annual General Meeting on March 21, 2025. As of February 20, the share price was stable at EUR 14.86, reflecting a slight increase, while a recent analysis raises questions for shareholders about whether to buy or sell.
EFG International plans to acquire Swiss private bank Cité Gestion, aiming to close the deal in the second half of 2025, pending regulatory approval. The acquisition is expected to enhance EFG's capabilities in Switzerland and boost earnings per share by 2026.Cité Gestion, managing SFr7.5bn in assets, reported a net profit of SFr6m in 2024 and serves ultra-high-net-worth individuals across various regions. EFG also reported a 6% profit increase to SFr321.6m in 2024, with a 16% rise in assets under management to SFr165.5bn.
EFG International achieved record profits in 2024, with assets under management rising 16% to 165.5 billion Swiss francs and a net new money inflow of 10.1 billion francs, surpassing its growth target. The acquisition of Geneva-based Cité Gestion, managing CHF 7.5 billion, enhances EFG's position in the Swiss market, particularly among high-net-worth clients. EFG plans to increase dividends and expand its workforce, reflecting confidence in its growth strategy amid a challenging market environment.
Franco Polloni, head of Private Banking for Switzerland and Italy at EFG International, reports significant growth and successful strategic implementation over the past two years, including the establishment of a new office in Tel Aviv and expansions in Gstaad and St. Moritz. He highlights the resilience of the Ticino financial center amid industry changes, noting increased employment and opportunities arising from the merger of Credit Suisse. Polloni also emphasizes the importance of the Italian market while seeking future access solutions and maintaining a focus on developing business in Israel and Turkey.
EFG International has reported record profits and significant growth, highlighting its strong performance in the financial sector. The company continues to attract attention from top-rated analysts, who are identifying promising investment opportunities. Investors can utilize TipRanks’ Stock Screener to filter and analyze these opportunities effectively.
EFG International reported a record profit of SFr321.6 million for 2024, a 6% increase from the previous year, alongside net new assets of SFr10.1 billion. The bank announced plans to acquire Cité Gestion and proposed a dividend increase to SFr0.60 per share. Additionally, four new board members were nominated for election at the upcoming Annual General Meeting.
EFG International
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