insurance international
The Insurance International segment serves international high net worth individuals (PPLI) and multinationals (Corporate Clients).

In the year under review the segment made a loss of CHF 34 million compared to a loss of CHF 10 million in the previous year. This decline is attributable to restructuring costs (CHF 7 million) and impairment of the customer relationship asset (CHF 17 million). Underlying this development is the concentration on two instead of three locations for business with high net worth individuals. The third location, the representative office in Dubai, was closed during the year under review. Adjusted for these one-offs, the segment result is close to the prior-year level. Gross written premiums, policy fees and deposits received came to CHF 2.9 billion in 2012 (2011: CHF 3.0 billion).

The PPLI area specialises in life insurance for high net worth individuals and has built up a presence in Liechtenstein, Luxembourg, Singapore and Switzerland. At CHF 2.7 billion, gross premium volume in 2012 was only slightly lower than the previous year’s figure of CHF 2.8 billion despite the sustained low interest rate environment. The uncertainties in private banking continued to affect business, especially in the Swiss market and in Liechtenstein.

Corporate Clients specialises in global life and pensions solutions for multinationals. During the year under review the segment cemented its market leadership as a provider of global employee benefits solutions and premium volume on its own balance sheet in Luxembourg increased slightly.

As part of the Group-wide programme “Swiss Life 2015”, the AWD companies in the UK, Austria, the Czech Republic and Poland joined the Insurance International segment on 1 January 2013 and now come under the umbrella of the International market unit with PPLI and Corporate Clients.

key figures for insurance International
Amounts in CHF million  
  2012 2011 +/–
Gross written premiums, policy fees and deposits received
  2 892 3 033 –4.6%
Net earned premiums and policy fees
  118 120 –1.7%
Commission income
  12 13 –7.7%
Financial result
  33 30 10.0%
Other income
  0 –1 n/a
Total income
  163 162 0.6%
Net insurance benefits and claims
  –18 –19 –5.3%
Policyholder participation
  –15 –14 7.1%
Interest expense
  –16 –15 6.7%
Operating expense
  –148 –124 19.4%
Total expense
  –197 –172 14.5%
Segment result
  –34 –10 n/a
Assets under control
  19 281 17 360 11.1%
Insurance reserves
  18 927 17 075 10.8%
Number of employees (full-time equivalents)
  262 286 –8.4%

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