insurance Germany — Swiss Life in Germany posted a segment result of CHF 102 million, an increase of CHF 10 million on the previous year.

The German life insurance market enjoyed growth of 6% in 2010. Premium volume declined 4% to CHF 2.1 billion, equivalent to a rise of 4% in local currency. Periodic premium income bucked the market trend, rising 2% (in local currency) to CHF 1406 million. The growth drivers were once again the multiple award-winning supplementary occupational disability insurance and the newly-introduced single-premium annuity insurance with premium refund. Insurance benefits and policyholder participation rose 10% overall in 2010, mainly attributable to the rise in policyholder participation to CHF 378 million on the back of the very good financial result. Operating expenses fell by 11% (3% in local currency) while new business premiums increased by 9% (in local currency) to CHF 693 million.

The distribution of products through AWD, measured on basis of production volume, increased by 3% (in local currency +12%) to CHF 596 million.

Swiss Life will continue to rigorously pursue the shift to unit-linked insurance and risk products in 2011. The Champion product family has been expanded to include a state-subsidised variant (“Riester”) and a more risk-aligned occupational disability insurance solution is being introduced, which can be adapted to individual customer requirements.

Key figures for insurance Germany
Amounts in CHF million  
  2010 2009 +/–
Gross written premiums, policy fees and deposits received
  2 073 2 169 –4.4%
Net earned premiums and policy fees
  1 814 1 753 3.5%
Commission income
  34 24 41.7%
Financial result
  990 862 14.8%
Other income
  5 26 –80.8%
Total income
  2 843 2 665 6.7%
Net insurance benefits and claims
  –1 969 –1 829 7.7%
Policyholder participation
  –378 –305 23.9%
Interest expense
  –20 –21 –4.8%
Operating expense
  –374 –418 –10.5%
Total expense
  –2 741 –2 573 6.5%
Segment result
  102 92 10.9%
Assets under control
  17 435 19 930 –12.5%
Insurance reserves
  17 334 19 924 –13.0%
Number of employees (full-time equivalents)
  734 747 –1.7%