Investment Management — The Investment Management segment comprises Group-wide institutional asset management activities. At CHF 130 million, the 2011 result is CHF 27 million up on the previous year. This equates to an increase of 26%. Thanks to new business and positive market developments, assets under management increased by CHF 12 billion to over CHF 134 billion. Insurance assets climbed CHF 8 billion to almost CHF 118 billion. Factoring in an acquisition, assets invested in funds and third-party mandates grew by around CHF 4 billion. Thanks to a greater volume of assets under management, income rose by 12%. At the same time, expenses increased by 4% as a result of the above-mentioned acquisition.

Intensified efforts to expand third-party business led to a net inflow in assets under management of almost CHF 1 billion. In cooperation with the insurance units, new real estate investment opportunities were offered to institutional clients in particular. This is also reflected in the growth of the Swiss Life Investment Foundation which, as in the previous year, was one of the strongest growing investment foundations in Switzerland.

After its start-up in Switzerland in 2010, the new asset management application was implemented in Germany during the year under review. It is set to go live in 2012 and will facilitate more efficient management of assets. Investment Management is also planning to implement the application in France in 2012, with the launch scheduled for the start of 2013. In the product area, the focus will lie on supporting the insurance units in developing modern insurance products, as well as stepping up the expansion of third-party business.

Key figures for Investment Management
Amounts in CHF million  
  2011 2010 +/–
Commission income
  301 268 12.3%
Financial result
  1 0 n/a
Other income
  0 1 n/a
Total income
  302 269 12.3%
Interest expense
  0 0 n/a
Operating expense
  –172 –166 3.6%
Segment result
  130 103 26.2%
Assets under management 1
  134 264 121 971 10.1%
Number of employees (full-time equivalents)
  610 572 6.6%

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