Insurance Other | The segment Insurance Other comprises Swiss Life’s business in Liechtenstein and Luxembourg in the period under review. Both companies specialise in structured pension products for high net worth individuals. In Luxembourg Swiss Life also provides group insurance solutions for international and local corporate clients. In the previous year this segment also included the results of the Italian companies since sold.
In 2007, the segment result amounted to CHF 8 million compared to a loss of CHF 3 million the previous year, which was directly related to the sale of the Italian business. Thanks to ongoing dynamic growth and the acquisition of the Liechtenstein company CapitalLeben, gross premium income rose by CHF 1.5 billion to CHF 3.3 billion. In March 2007, Swiss Life completed the acquisition of CapitalLeben and successfully integrated it into Swiss Life (Liechtenstein) AG during the course of the year. 95% of the overall premium income in this segment stemmed from cross-border insurance policies subject to Liechtenstein or Luxembourg law, and 5% from Group business in Luxembourg.
At the end of 2007 Swiss Life consolidated its Liechtenstein and Luxembourg business for high net worth individuals in the area of private placement life insurance under one leadership. The opening of the Singapore branch in March 2008 represents another sales platform in this area and enables the company to tap into the opportunities on the Asian market more effectively.
In addition, Swiss Life merged the operations of its group business in Luxembourg with that of the Swiss Life Network, which specialises in employee benefits solutions for international corporations, to form Corporate Solutions. Through this new organisation, the company aims to intensify its distribution of comprehensive solutions for international corporate clients and multinational corporations. Furthermore, Swiss Life has developed a platform for variable annuity products in Luxembourg, which will be produced centrally and distributed in various countries. Swiss Life Products (Luxembourg) SA. will launch the first product in Germany in the middle of 2008.
| Key figures for Insurance Other |
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| Gross written premiums, policy fees and deposits received | | 3 294 | | 1 506 | | n.a. | |
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| Net earned premiums and policy fees | | 103 | | 68 | | 51.5% | |
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| Asset management and other commission income | | 0 | | 0 | | n.a. | |
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| Financial result (without share of results of associates) | | 34 | | 38 | | –10.5% | |
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| Other income | | 5 | | –17 | | n.a. | |
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| Total income | | 142 | | 89 | | 59.6% | |
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| Net insurance benefits and claims | | –20 | | –39 | | –48.7% | |
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| Policyholder participation | | –9 | | –3 | | n.a. | |
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| Interest expense | | –15 | | –14 | | 7.1% | |
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| Operating expenses | | –90 | | –36 | | n.a. | |
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| Total expenses | | – 134 | | – 92 | | 45.7% | |
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| Segment result | | 8 | | –3 | | n.a. | |
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| Assets under control | | 10 200 | | 2 835 | | n.a. | |
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| Insurance reserves | | 10 055 | | 2 736 | | n.a. | |
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| Number of employees (full-time equivalents) | | 122 | | 67 | | 82.1% | |
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