insurance France
Swiss Life in France increased its segment result to CHF 157 million (2011: CHF 124 million). This significant growth is attributable to the rate increases made in 2012, an improved financial margin despite the uncertain financial market environment, cost discipline and the resultant operational efficiency gains.

The general French market for personal insurance contracted by 6%, principally driven by the 8% decline in savings and retirement provisions. Health, death and disability insurance, as well as propertyand casualty, on the other hand, grew by 4%. Swiss Life outperformed the market, generating currency-adjusted premium volume of CHF 4.3 billion, close to the previous year’s performance. The company benefited from its diversified operations and its good positioning in life insurance business with high net worth individuals. In savings and retirement provisions the company again generated good quality net inflows in a relatively sharply declining market. The share of premiums generated by unit-linked contracts stood at well above the market average (28% compared to 13% for the market), primarily due to the good positioning, the dynamics of the different distribution networks and a differentiated bonus policy. Rate adjustments and better persistency led to growth in a hard fought market of 2% in health, death and disability insurance and 4% in property and casualty in local currency terms. Swiss Life Banque Privée also posted a positive result confirming its successful strategic focus.

In 2013, Swiss Life in France will continue to pursue its strategy of profitable growth. The company will thus maintain its focus on service quality in order to reinforce its leading position in life insurance for affluent and high net worth individuals.

Key figures for insurance France
Amounts in CHF million  
  2012 2011 +/–
Gross written premiums, policy fees and deposits received
  4 260 4 379 –2.7%
Net earned premiums and policy fees
  2 650 2 374 11.6%
Commission income
  78 93 –16.1%
Financial result
  878 727 20.8%
Other income
  4 1 n/a
Total income
  3 610 3 195 13.0%
Net insurance benefits and claims
  –2 035 –1 847 10.2%
Policyholder participation
  –311 –102 n/a
Interest expense
  –156 –168 –7.1%
Operating expense
  –949 –954 –0.5%
Total expense
  –3 453 –3 071 12.4%
Segment result
  157 124 26.6%
Assets under control
  29 283 26 436 10.8%
Insurance reserves
  23 326 20 986 11.2%
Number of employees (full-time equivalents)
  2 034 2 075 –2.0%


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