CONSOLIDATED RESULT — Swiss Life made significant improvements at operational level in 2009, increasing its result from operations to CHF 562 million, up CHF 1.4 billion on the previous year. It achieved an annual result from continuing operations of CHF 324 mil lion. This corresponds to an increase of CHF 1.5 billion on the previous year. The net profit, including discontinued operations, stood at CHF 277 mil lion which corresponds to diluted earnings per share of CHF 8.83. This was impacted by expenses of CHF 47 million in connection with the sale of Banca del Gottardo. With equity of CHF 7.2 billion, this produced a return on equity of 4%. These developments are attributable, on the one hand, to improved conditions on the financial markets and, on the other, to the very strong performance of Swiss Life’s investment management activities. Swiss Life thus achieved a financial result of CHF 4.6 billion in 2009, which is a strong improvement over the prior-year figure of CHF 600 million. In addition, the revitalisation programme, MILESTONE, which aims to sustainably boost competitiveness and improve profitability, is starting to show results. In particular, there have been significant cuts in operating costs, after adjustment for restructuring charges and one-off impacts. However, the overall net profit is still not satisfactory as the costs of holding capital were not covered.

Key figures for the Swiss Life Group
Amounts in CHF million 
  20092008+/–
Gross written premiums, policy fees and deposits received
  20 21918 5159.2%
Net earned premiums and policy fees
  12 13513 514–10.2%
Commission income
  934950–1.7%
Financial result (without share of results of associates)
  4 588600n/a
Other income
  159292–45.5%
Total income
  17 81615 35616.0%
Net insurance benefits and claims
  –11 884–12 915–8.0%
Policyholder participation
  –1 539429n/a
Interest expense
  –353–393–10.2%
Operating expense
  –3 478–3 3194.8%
Total expense
  –17 254–16 1986.5%
Result from operations
  562–842n/a
Net result from continuing operations
  324–1 143n/a
Net result from discontinued operations
  –471 488n/a
Net profit
  277345–19.7%
Equity
  7 2456 6528.9%
Insurance reserves
  122 616113 3088.2%
Assets under management
  132 022120 3649.7%
Assets under control
  148 186134 32610.3%
Return on equity (in %)
  4.05.0–20.0%
Number of employees (full-time equivalents)
  7 8208 291–5.7%