Liechtenstein financial sector records sharp growth in 2023

07 May 2024 13:28

Liechtenstein BankersLiechtenstein

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Vaduz - The Liechtenstein financial sector enjoyed significant growth in 2023. The volume of assets under management at the 11 banks in the Principality rose by +6.7 percent to 439 billion Swiss francs, while the fund volumes of the investment companies increased by 45 percent to just over 100 billion Swiss francs. Growth was also recorded at insurance firms and asset managers.

The Liechtenstein financial sector can look back on a successful year, according to the “Liechtenstein Financial Center” brochure published by the Financial Market Authority (FMA) Liechtenstein.

Accordingly, the 11 banks operating in the Principality of Liechtenstein had assets under management of 439.0 billion Swiss francs, an increase from the previous year’s value of 411.4 billion Swiss francs. Both the positive market development and the inflow of new money totaling 30.9 billion Swiss francs contributed to the growth of +6.7 percent. The banks’ operating profit rose from 753.5 million Swiss francs in the previous year to 784.8 million Swiss francs in the year under review. In 2023, three banks issued electronically stored monetary assets, an increase of one versus the prior year.

There was also growth in 2023 in the area of funds in Liechtenstein. While the number of funds actually decreased marginally from 847 to 836, all together the administered value amounted to 100.2 billion Swiss francs. In the previous year, the equivalent value was just 69.1 billion Swiss francs.

In 2023, Liechtenstein asset management firms maintained 18,268 customer relationships worth 56.9 billion Swiss francs overall. At the end of 2022, the equivalent numbers were 10,379 customer relationships valued at 54.2 billion Swiss francs.

The gross premiums of the 32 insurance companies based in Liechtenstein rose from 5.643 billion Swiss francs in the previous year to 5.735 billion Swiss francs in 2023. In addition, income from life insurance policies was up significantly, while income in the area of non-life insurance fell.

The number of trustees fell further in 2023 from 136 to 135, while the number of trust companies also declined from 217 to 214. ce/stk

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