insurance other — The segment Insurance Other comprises the areas Private Placement Life Insurance (PPLI), Corporate Solutions, Swiss Life Products (Luxembourg) S.A. and Payment Protection Insurance (PPI). The segment posted a loss of CHF 43 million in the year under review due to investments made in new business fields. At CHF 5.3 billion, gross written premiums, policy fees and deposits received were almost twice that generated in 2008. The results of the two largest units are presented below.

The PPLI business area specialises in life insurance for high net worth individuals and has built up a strong presence in Liechtenstein, Luxembourg, Singapore, Dubai and Switzerland. It put in an excellent performance in the 2009 financial year, writing CHF 5 billion in gross premiums. This success stems from the recovery of the financial markets, PPLI’s unique global approach and its international sales team, which has built up a sound reputation. Thanks to further growth and strict cost management, PPLI expects to return a profit in 2010.

Corporate Solutions specialises in global life and pensions solutions for multinationals. In 2009 it met its profitability and premium volume targets by strengthening its client relationships. With new premium growth of 30%, Corporate Solutions confirmed its position as the global leader in the market for comprehensive employee benefit solutions. In 2010 it plans to advance its growth and profitability, despite the challenging market environment, by providing attractive solutions geared to the current requirements of its clients.

key figures for insurance other
Amounts in CHF million 
  20092008+/–
Gross written premiums, policy fees and deposits received
  5 2632 63999.4%
Net earned premiums and policy fees
  14211622.4%
Commission income
  110.0%
Financial result
  402281.8%
Other income
  4–4n/a
Total income
  18713538.5%
Net insurance benefits and claims
  –33–2065.0%
Policyholder participation
  –21–1n/a
Interest expense
  –19–1711.8%
Operating expense
  –157–13318.0%
Total expense
  –230–17134.5%
Segment result
  –43–3619.4%
Assets under control
  14 6129 29757.2%
Insurance reserves
  14 3799 10158.0%
Number of employees (full-time equivalents)
  25019230.2%