SEGMENT RESULTS — In Switzerland, Swiss Life achieved a segment result of CHF 467 million, to which the much improved financial result of CHF 2.7 billion contributed greatly. Operating expenses increased vis-à-vis the previous year due to one-off restructuring charges and other one-off impacts. However, Swiss Life cut its administrative costs by 13.9% by optimising its processes and by focusing and reducing its project portfolio. Insurance operations in France generated a segment result of CHF 159 million (2008: CHF 40 million) – due to the considerably higher financial result and positive claims experience. In Germany, Swiss Life achieved a segment result of CHF 92 million – up CHF 63 million on the previous year. Results in the Insurance Other segment, which includes the growth initiatives in Liechtenstein, Luxembourg, Singapore and Dubai as well as payment protection insurance, were once again marked by investments. High operating costs are reflected in particular in start-up investments such as the product platform in Luxembourg and payment protection insurance. The corresponding segment loss amounted to CHF 43 million in the period under review. As a result of lower asset management income, the Investment Management segment posted a result of CHF 77 million, down CHF 17 million on the previous year. AWD reported a segment loss of CHF 92 million (2008: CHF -41 million), attributable to one-off and restructuring charges. Adjusted for these charges, AWD again achieved a positive operating result in 2009 of CHF 19 million (EUR 12.6 million). AWD continued to pursue the strategic path set in the third quarter of 2009, returning to profitability in the fourth quarter. This can be attributed to cost-cutting measures, especially in Germany, and to the fundamental reorganisation of AWD, in particular in Austria and the United Kingdom.