OneLife

OneLife operates as a unit-linked life insurer, meaning it collects fees on the assets its policyholders direct into external funds — the investment risk sits with the client, not OneLife's balance sheet. Revenue comes primarily from policy administration charges, wrapper fees, and mortality-and-expense risk charges embedded in the contract terms. This capital-light model allows it to scale distribution through private banks without deploying its own investment capital.

OneLife's products reach clients through a network of European private banks and wealth managers. Publicly named distribution partners have included ABN AMRO, BNP Paribas Fortis, and KBC, concentrated in Belgium, France, Italy, Spain, and the Nordic region. The firm does not sell direct-to-consumer.

Private equity firm Cinven acquired OneLife in 2019 from KBL European Private Bankers, making it a portfolio company within Cinven's financial services strategy. The acquisition represented Cinven's bet on the cross-border wealth management infrastructure market in Europe. OneLife remains a standalone Luxembourg regulated entity under Cinven ownership.

OneLife is regulated as an insurance company by Luxembourg's Commissariat aux Assurances (CAA), not as a bank. This regulatory posture is central to its product — the Luxembourg insurance wrapper provides tax and estate-planning efficiencies across EU jurisdictions that a banking license alone does not offer.

OneLife does not deploy a proprietary balance sheet into operating companies or investment funds — it is an insurance manufacturer, not an asset allocator in the traditional family-office or institutional-investor sense. Policyholders direct their own asset allocations across equities, bonds, structured products, and real estate funds held within the unit-linked contracts.