Investment Management | The Investment Management segment comprises Group-wide institutional asset management activities. Despite the very challenging market environment, the result for this segment was 1% up on the previous year at CHF 94 million. A CHF 9 million drop in income was more than offset by strict cost management and a reduction in expenses of CHF 10 million. Assets under management fell CHF 8 billion to CHF 112 billion due to outflows from the insurance business and losses in value as a result of the financial crisis. Assets under management comprised CHF 102 billion in insurance assets, around CHF 7 billion in investment funds and CHF 3 billion in third-party mandates.

The optimisation of the organisation introduced at the beginning of 2008 was a high priority for Swiss Life in the period under review. The improvements in cross-border cooperation resulted in increased efficiency. Organisational structures were redefined and streamlined. Swiss Life reintegrated mortgage administration into its own organisation following the sale of Banca del Gottardo. This measure laid the groundwork for a sustainable mortgage administration solution. Governance and risk management continue to gain significance in the current environment. Swiss Life made additional refinements to existing processes and methods, giving due consideration to the revised investment guidelines based on supervisory legislation.

In 2009, the focus will be on the further improvement of Group-wide cooperation and the realignment of third-party asset management. The project launched in 2008 to establish an appropriate, modern infrastructure tailored to contemporary asset management requirements will also be continued.

Key figures for Investment Management 
In CHF million20082007+/–
Asset management and other commission income265271–2.2%
Financial result (without share of results of associates)4333.3%
Other income48–50.0%
Total income273282–3.2%
Interest expense00n.a.
Operating expense–179–189–5.3%
Segment result94931.1%
Assets under management 1111 519119 928–7.0%
Number of employees (full-time equivalents)6135746.8%
1  incl. intragroup assets