insurance France — Swiss Life posted a segment result of CHF 159 million in France on the back of the considerably higher financial result of CHF 983 million.

The French insurance market grew on the whole by 9%. More specifically, an 11% increase was recorded in savings and pensions products, 4% in health and disability insurance and 1% in property insurance.

Swiss Life in France generated premium volume of CHF 5.3 billion, which represents a 5% rise in local currency (after adjustment for a sum of CHF 476 million from the termination of a partnership in 2008). Its savings and pensions business advanced by 5% (11% in local currency) and the company again achieved above-average premium income from unit-linked products. In health and disability insurance, premiums receded by 3% (3% rise in local currency). This rise in local currency was mainly attributable to the synergies gained from its own distribution network and from brokers, whereas premiums generated through partner networks declined in 2009. Property insurance premiums remained stable.

In 2009 Swiss Life maintained its stable technical margins in its main business operations. In line with the growth in premiums, Swiss Life improved its operating expense ratio, thanks in particular to efficiency improvements which will be continued into 2010. Swiss Life in France aims to reinforce its leading position in private life insurance, as well as in health, life and disability insurance, in particular by expanding its multi-channel distribution.

Key figures for insurance France
Amounts in CHF million 
  20092008+/–
Gross written premiums, policy fees and deposits received
  5 2975 763–8.1%
Net earned premiums and policy fees
  2 9523 618–18.4%
Commission income
  776616.7%
Financial result
  98357n/a
Other income
  261662.5%
Total income
  4 0383 7577.5%
Net insurance benefits and claims
  –2 135–2 804–23.9%
Policyholder participation
  –407472n/a
Interest expense
  –206–219–5.9%
Operating expense
  –1 131–1 166–3.0%
Total expense
  –3 879–3 7174.4%
Segment result
  15940n/a
Assets under control
  29 12725 39914.7%
Insurance reserves
  23 00320 71611.0%
Number of employees (full-time equivalents)
  2 1942 241–2.1%