Segment Reporting | Swiss Life reports its insurance business results by country. Further segments are Investment Management and AWD. The areas sold in insurance and banking in 2008 are disclosed separately. The negative developments on the financial markets led to an overall segment loss for continuing operations of CHF 726 million.

Following the disposals of the Dutch and Belgian insurance business and of Banca del Gottardo, which were announced in November 2007, Swiss Life adapted its reporting last year to reflect the new situation. Continuing insurance operations have been broken down by country into Insurance Switzerland, Insurance France, Insurance Germany and Insurance Other. Insurance Other comprises the results of the companies in Liechtenstein and Luxembourg. Two further segments are Investment Management and Other, the latter containing the financing and holding companies. Following acquisition of a majority stake in the AWD Group, AWD operations have been fully consolidated and reported as a new segment since the end of March 2008. The Segment Reporting section of the Financial Statements discloses the results for the areas sold separately. The units were fully consolidated until the respective transactions were finalised: on 29 April 2008 for operations in the Netherlands and Belgium, and on 7 March 2008 for Banca del Gottardo.

As a result of the high impairments on investments resulting from the financial market crisis, continuing operations posted a segment loss of CHF 726 million for 2008. The Investment Management segment, with a result of CHF 94 million, matched the previous year’s performance, but all other segments declined. Insurance Switzerland was affected the most by the distortions on the financial markets, recording a segment loss of CHF 748 million, despite the progress made in implementing the strategy. The AWD segment also posted a loss. In addition to the decline in profit from operations in connection with the crisis as well as investments in the future positioning of the company, this was primarily due to restructuring costs of CHF 40 million for the refocussing of activities in the United Kingdom.

Gross written premiums for continuing operations amounted to CHF 18.5 billion. Without including premium income from the ERISA companies which were sold in 2007, premium volume in France declined 4% in 2008 vis-à-vis the previous year.

Discontinued operations generated a result of CHF 1099 million for the Insurance segment and CHF 595 million for the Banking segment as a result of gains made on disposals.

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Direct written premiums, by type of insurance