insurance Germany — Swiss Life posted a segment result of CHF 92 million for Germany in the year under review. This represents a rise of CHF 63 million vis-à-vis the previous year, which was impacted by the financial crisis.

The German life insurance market advanced 7% in 2009. Swiss Life increased its premium volume by 10% (15% in local currency) to CHF 2.2 billion on the back of demand for its multiple award-winning supplementary occupational disability insurance, as well as the capitalisation product Swiss Life Cash Growth. Net insurance benefits and policyholder participation climbed 9% on the previous year, mainly due to the rise in policyholder participation to CHF 305 million. Operating costs went up 3% and new business premiums jumped 110% to CHF 686 million. Swiss Life grew its income from new business with periodic premium products by 5% to CHF 155 million, reversing the market trend.

In the 2009 financial year, distribution of Swiss Life products through AWD (measured on basis of production volume) advanced 107% to CHF 574 million.

Swiss Life will broaden its distribution channel mix further in 2010. The company is introducing a new service concept for banks in order to tap into new market potential and to acquire new target groups for its attractive single premium business and other solutions. Swiss Life will continue to focus on its traditional strengths in the growth segment of brokers and multiple agents, as well as on independent financial services providers.

Key figures for insurance Germany
Amounts in CHF million 
  20092008+/–
Gross written premiums, policy fees and deposits received
  2 1691 9779.7%
Net earned premiums and policy fees
  1 7531 819–3.6%
Commission income
  2427–11.1%
Financial result
  86255256.2%
Other income
  261752.9%
Total income
  2 6652 41510.4%
Net insurance benefits and claims
  –1 829–2 030–9.9%
Policyholder participation
  –30569n/a
Interest expense
  –21–1910.5%
Operating expense
  –418–4063.0%
Total expense
  –2 573–2 3867.8%
Segment result
  9229n/a
Assets under control
  19 93018 8735.6%
Insurance reserves
  19 92419 0984.3%
Number of employees (full-time equivalents)
  747750–0.4%