GROWTH  Swiss Life grew its premium income by 9% to CHF 20.2 billion in the year under review. Adjusted for currency effects, this corresponds to 12% growth. A strong fourth quarter overall contributed to this pleasing performance. In particular, the Group recorded growth in Germany and in its international business with high net worth individuals. In Germany, premium income climbed from CHF 2 billion to CHF 2.2 billion. Swiss Life recorded growth in the single premiums business which was more than twice the market average and also outperformed the market in its periodic premiums business, despite recording a decline. The partnership with AWD flourished: New business produced through AWD in Germany doubled to around EUR 380 million and in Switzerland increased from CHF 11 million to CHF 112 million. Swiss Life generated an excellent result in the high net worth individual business, achieving premium volume of CHF 5 billion (2008: CHF 2.4 billion). Swiss Life in France put in a solid performance, particularly in the second half of 2009. Although total premium volume fell by 3% to CHF 5.3 billion, an increase of 5% in local currency was actually realised, after adjustment for a one-off impact. In Switzerland, premium income declined by 8% to CHF 7.5 billion which, adjusted for a one-off effect, represented a fall of 2%. AWD recorded a decline in sales of 17% – mainly due to the reorganisation of business in Austria and the reluctance of clients to invest in life and pensions solutions in the wake of the financial market crisis.