insurance Germany
Swiss Life in Germany posted a segment result in 2012 of CHF 69 million (2011: CHF 58 million). This increase is primarily attributable to the improved financial result as well as cost savings. Swiss Life also grew periodic premium business, thereby securing sustainable income.

In 2012 Swiss Life generated premium volume of CHF 1.7 billion, almost equivalent to the prior-year level (–0.4% in local currency). Occupational pensions business was very successful. The long-term care product launched at the beginning of 2012 was well accepted by the market. Insurance benefits and policyholder participation rose by 1.5% overall in the year under review, chiefly due to the increase in policyholder participation to CHF 334 million on the back of the higher financial result. Operating expenses were up 13% (16% in local currency) particularly as a result of additional amortisation of acquisition costs. At the same time new business premiums fell by 7% (in local currency) to CHF 440 million.

Under the new Group-wide programme “Swiss Life 2015”, Swiss Life and Swiss Life Select (formerly AWD) in Germany aim to develop into a financial advisory and insurance company under one roof. All production and distribution organisations will be managed from a single source going forward. This will optimise market development and leverage synergies. In insurance the company is aiming to generate premium volume slightly above the market level, in particular with its successful occupational disability insurance, the long-term care insurance solution and products with modern guarantee concepts.

Key figures for insurance Germany
Amounts in CHF million  
  2012 2011 +/–
Gross written premiums, policy fees and deposits received
  1 692 1 739 –2.7%
Net earned premiums and policy fees
  1 543 1 618 –4.6%
Commission income
  35 34 2.9%
Financial result
  880 727 21.0%
Other income
  1 2 –50.0%
Total income
  2 460 2 381 3.3%
Net insurance benefits and claims
  –1 709 –1 776 –3.8%
Policyholder participation
  –334 –237 40.9%
Interest expense
  –13 –15 –13.3%
Operating expense
  –334 –295 13.2%
Total expense
  –2 390 –2 323 2.9%
Segment result
  69 58 19.0%
Assets under control
  19 476 17 944 8.5%
Insurance reserves
  18 379 17 269 6.4%
Number of employees (full-time equivalents)
  699 715 –2.2%


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