insurance France — Swiss Life in France posted a segment result of CHF 82 million. Adjusted for the negative one-off effect of pension reform (CHF 80 million), this represents an increase of 10% in local currency terms. This is mainly attributable to the improved financial margin and efficiency gains, achieved through strict cost discipline.

The French insurance market experienced slight growth of 4%, with an increase of 16% in savings and pensions, 4% in health and disability insurance and 1% in property insurance.

Swiss Life in France generated premium volume of CHF 5.3 billion, which equates to a 9% increase in local currency terms. The increase in net inflow of 24% in savings and pension business, principally attributable to unit-linked insurance, was achieved in a market which – despite high net inflows of EUR 50 billion – nevertheless declined by 1%. At 22%, premium income derived from unit-linked insurance was also substantially above the market average of 13%, mainly due to the continuing success in 2010 of promotional campaigns for structured unit-linked products aimed at affluent and high net worth individuals. In this segment, Swiss Life Banque Privée achieved vigorous growth in 2010, posting an increase in net banking income of 25% and returning to profitability. In a highly competitive market, health and disability insurance grew by 3%, while property insurance remained at the prior-year level.

In 2011, Swiss Life in France aims to reinforce its leading position both in life insurance for affluent and high net worth individuals and also in health and disability insurance by expanding multichannel distribution.

Key figures for insurance France
Amounts in CHF million  
  2010 2009 +/–
Gross written premiums, policy fees and deposits received
  5 307 5 297 0.2%
Net earned premiums and policy fees
  2 724 2 952 –7.7%
Commission income
  89 77 15.6%
Financial result
  878 983 –10.7%
Other income
  6 26 –76.9%
Total income
  3 697 4 038 –8.4%
Net insurance benefits and claims
  –2 100 –2 135 –1.6%
Policyholder participation
  –251 –407 –38.3%
Interest expense
  –183 –206 –11.2%
Operating expense
  –1 081 –1 131 –4.4%
Total expense
  –3 615 –3 879 –6.8%
Segment result
  82 159 –48.4%
Assets under control
  26 029 29 127 –10.6%
Insurance reserves
  20 965 23 003 –8.9%
Number of employees (full-time equivalents)
  2 223 2 194 1.3%