3 Segment Information

Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by management in deciding how to allocate resources and in assessing performance.

The accounting policies for the segments are the same as those described in the Summary of Significant Accounting Policies section. Inter-segmental services and transfers of assets and liabilities are treated as if the transactions were with third parties, i.e. at market prices applicable at the time of the transaction.

Corporate costs were not allocated to the individual segments as they consist of general administrative expenses and head office expenses that relate to the Swiss Life Group as a whole.

The reportable segments have been identified based on information about the components of the entity that management uses to make decisions about operating matters. The information provided to management focuses on the category of product lines and services. The organisational and management structure within the insurance business is geographical. The reportable segments have therefore been identified as follows:
  • Insurance Switzerland

  • Insurance France

  • Insurance Germany

  • Insurance Other

  • Investment Management

  • AWD

  • Other

  • Insurance (Discontinued)

  • Banking (Discontinued)

The insurance segments primarily consist of life insurance operations. These operations offer a broad range of life, pension, annuity and investment-type policies to both groups and individuals, including accident, health and disability coverage. The Group’s strategy focuses primarily on life and pensions in a number of key European markets, such as Switzerland, France, Germany, Luxembourg and Liechtenstein. The insurance segments also include a number of companies which hold investments primarily pertaining to life insurance.

Non-life operations involve operations in France and mainly include property and casualty, liability and motor insurance.

“Insurance Other” comprises insurance operations in Liechtenstein, Luxembourg, Singapore and Dubai, as well as payment protection insurance.

“Investment Management” refers to the management of assets for institutional clients and the Group’s insurance business, as well as the provision of expert advice for such clients.

“AWD” comprises the Hanover-based AWD Group, which was acquired by the Swiss Life Group on 19 March 2008. The AWD Group specialises in personal and holistic financial planning for medium and high-income customer segments. The Proventus Group, which was acquired in November 2008, is also included in this segment.

“Other” refers principally to various finance and service companies.

The insurance operations in the Netherlands and Belgium, which were disposed of on 29 April 2008, are presented as a separate segment “Insurance (Discontinued)”.

Banca del Gottardo, Lugano, was disposed of on 7 March 2008. For the purposes of segment reporting, Banca del Gottardo, Lugano, is presented as a separate segment “Banking (Discontinued)”.

The statement of income and the balance sheet for the segments are provided on the pages below:

Premiums and policy fees from external customers
In CHF million  2009 HY2008 HY2009 HY2008 HY
  Net earned
Net earned
Net earned
policy fees
Net earned
policy fees
Individual life  1 8942 634101174
Group life  5 3636 407109
Total life  7 2579 041111183
Accident and health  89
Property, casualty and other  243284
Total non-life  251293
Total  7 5089 334111183