In 2012 Swiss Life generated an overall segment profit from operations of CHF 346 million (2011: CHF 699 million). The result was impacted by one-off effects, especially the impairment of AWD’s intangible assets. Adjusted profit from operations rose 26% to CHF 993 million.
Swiss Life not only reports its insurance business by country (Switzerland, France and Germany), it also discloses separately the results of its cross-border segments Insurance International, Investment Management and AWD. The company posted a profit of CHF 634 million in its home market Switzerland, CHF 157 million in France and CHF 69 million in Germany. The Investment Management segment achieved a result of CHF 138 million. AWD and Insurance International both underperformed. AWD’s operating result fell to EUR 40.3 million in a very challenging market environment and was also affected by provisions for litigation. The outcome was an EBIT of EUR 1.6 million. Taking into account the impairment of intangible assets, this gives a segment loss for AWD of CHF 591 million. Insurance International posted a CHF 34 million loss, mainly due to impairment of the customer relationship asset and restructuring costs.
The Group maintained its focus on profitability in the 2012 financial year and grew in strategically important business areas. With an overall figure of CHF 17.0 billion, gross written premiums, policy fees and deposits received across all segments were maintained at the prior-year level.