insurance other — The segment Insurance Other comprises the areas Private Placement Life Insurance (PPLI), Corporate Solutions, Swiss Life Products (Luxembourg) S.A., Swiss Life Österreich AG and Payment Protection Insurance (PPI). The segment posted a loss of CHF 35 million in the year under review (previous year: CHF 43 million) due to investments in expansion of global business and in the product platform in Luxembourg. At CHF 5.2 billion, gross written premiums, policy fees and deposits received were roughly at the previous year’s level (previous year: CHF 5.3 billion), which represents a rise of 4% in local currency. Due to an increased focus on the pension business, new business in the PPI area is being discontinued as of 2011.

The PPLI business area specialises in life insurance for high net worth individuals, and is represented in Liechtenstein, Luxembourg, Singapore, Dubai and Switzerland. In 2010, it built on the strong result of the previous year, writing CHF 5 billion in gross premiums. This success stems from the recovery of the markets, the unique global approach and its established international sales team. Thanks to further growth and strict cost management, PPLI turned a profit in 2010.

Corporate Solutions specialises in global life and pensions solutions for multinationals. It increased its access to new business in all countries, and cemented its global market leadership as a provider of comprehensive employee benefits solutions. Growth will be targeted in 2011 too, in alignment with profitability. The emphasis will lie on customer orientation.

key figures for insurance other
Amounts in CHF million  
  2010 2009 +/–
Gross written premiums, policy fees and deposits received
  5 206 5 263 –1.1%
Net earned premiums and policy fees
  148 142 4.2%
Commission income
  1 1 0.0%
Financial result
  34 40 –15.0%
Other income
  –1 4 n/a
Total income
  182 187 –2.7%
Net insurance benefits and claims
  –26 –33 –21.2%
Policyholder participation
  –19 –21 –9.5%
Interest expense
  –17 –19 –10.5%
Operating expense
  –155 –157 –1.3%
Total expense
  –217 –230 –5.7%
Segment result
  –35 –43 –18.6%
Assets under control
  16 727 14 612 14.5%
Insurance reserves
  16 409 14 379 14.1%
Number of employees (full-time equivalents)
  289 250 15.6%