insurance other | The segment Insurance Other comprises the companies in Liechtenstein and Luxembourg. Swiss Life operates private placement life insurance in both countries, a business area that specialises in structured pension solutions for high net worth individuals. In Luxembourg, Swiss Life also provides group insurance solutions for international and local corporate clients. Furthermore, Swiss Life operates a platform for variable annuities products in Luxembourg. Expenses generated by the build-up of this platform and the further expansion of the Private Placement Life Insurance business area, together with the lower financial results, resulted in a segment loss of CHF 36 million.

Gross premium income went down 20% to CHF 2639 million due to the negative impact of the financial market crisis on business with high net worth individuals. Premium growth for the Liechtenstein company was also impacted by the legal uncertainties in Germany. In Luxembourg, premiums increased significantly and a positive result was achieved.

Swiss Life still sees a great deal of market potential for private placement life insurance. Swiss Life is one of the leading players in this area and has improved access to markets in Asia and the Gulf region with new locations in Singapore and Dubai, thus creating a solid foundation for further growth. Business with international corporate clients, which is domiciled in Luxembourg, forms part of the Corporate Solutions business unit which also has locations in Zurich, London, Paris, Hamburg, Copenhagen and Singapore. With the Swiss Life Network and its reinsurance business based in Zurich, Swiss Life can offer multinational companies and their employees comprehensive employee benefits solutions. Swiss Life Products (Luxembourg) S.A. launched its variable annuities platform in 2008. The first product, “Swiss Life Champion”, was brought to market in Germany mid year.

Key figures for Insurance Other 
In CHF million20082007+/–
Gross written premiums, policy fees and deposits received2 6393 294–19.9%
Net earned premiums and policy fees11610312.6%
Asset management and other commission income10n.a.
Financial result (without share of results of associates)2234–35.3%
Other income–45n.a.
Total income135142–4.9%
Net insurance benefits and claims–20–20n.a.
Policyholder participation–1–9–88.9%
Interest expense–17–1513.3%
Operating expense–133–9047.8%
Total expense–171–13427.6%
Segment result–368n.a.
Assets under control9 29710 200–8.9%
Insurance reserves9 10110 055–9.5%
Number of employees (full-time equivalents)19212257.4%