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4 Segment Information

Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by management (Corporate Executive Board) in deciding how to allocate resources and in assessing performance.

The accounting policies for the segments are the same as those described in the Summary of Significant Accounting Policies section. Intersegmental services and transfers of assets and liabilities are treated as if the transactions were with third parties, i.e. at market prices applicable at the time of the transaction.

Corporate costs were not allocated to the individual segments as they consist of general adminis­trative expenses and head office expenses that relate to the Swiss Life Group as a whole, as well as borrowing costs and income tax expense.

The reportable segments have been identified based on information about the components of the entity that management uses to make decisions about operating matters. The business is managed based on IFRS results.

The information provided to management focuses on product lines and services. The organisational and management structure within the insurance business is geographical. The reportable segments have therefore been identified as follows:

  • Switzerland
  • France
  • Germany
  • International
  • Asset Managers
  • Other

The segments “Switzerland”, “France”, “Germany” and “International” primarily consist of life insurance operations and distribution units. The life insurance operations offer a broad range of life, pension, health, annuity and investment-type policies to both groups and individuals, including disability coverage. The Group’s strategy focuses primarily on life and pensions in Switzerland, France and Germany and on cross-border business from Liechtenstein, Luxembourg and Singapore. These segments also include a number of companies which hold investments mainly pertaining to life insurance.

“International” comprises the cross-border insurance operations in Liechtenstein, Luxembourg and Singapore, the Fincentrum and Swiss Life Select units operating in Austria, Czech Republic and Slovakia, and Chase de Vere operating in the United Kingdom.

Non-life operations involve operations in the segment “France” and mainly include property and casualty, liability and motor insurance and accident and health insurance.

“Asset Managers” refers to the management of assets for institutional clients and the Group’s insurance business, as well as the provision of expert advice for such clients.

“Other” principally refers to various finance and service companies.

The statement of income and the balance sheet for the segments are provided on the following pages.

Statement of income for the year ended 31 December 2021

In CHF million
    Switzer-land   France   Germany   Inter-national   Asset Managers   Other   Total before elimi-nations   Elimi-nations   Total
                                     
Income
Premiums earned on insurance contracts   8 588   4 035   1 086   93       13 802   –24   13 778
Premiums earned on investment contracts with discretionary participation   790             790     790
Premiums ceded to reinsurers   –10   –129   –45   –19       –203   24   –179
Net earned premiums   9 368   3 905   1 041   74       14 389   0   14 389
Policy fees earned on insurance contracts   4   4   27   0       35     35
Policy fees earned on investment and unit-linked contracts   62   244   19   83       408   0   408
Net earned policy fees   66   247   46   83       443   0   443
Commission income   264   167   652   254   944   1   2 282   –429   1 853
Investment income   2 709   662   500   28   4   18   3 920   –2   3 918
Net gains/losses on financial assets   140   273   327   20   –2   –44   715     715
Net gains/losses on financial instruments at fair value through profit or loss   –1 034   –65   167   0   0   –20   –953   0   –953
Net gains/losses on investment property   1 280   105   113     7     1 505     1 505
Share of profit or loss of associates   1   2   0     5     8     8
Other income   115   7   4   –13   170   58   342   –2   340
Total income   12 909   5 304   2 851   447   1 127   14   22 652   –433   22 219
of which intersegment   116   –47   –36   –3   403   1   433   –433    
                                     
Expenses
Benefits and claims under insurance contracts   –8 948   –3 527   –1 153   –40       –13 667   9   –13 658
Benefits and claims under investment contracts with discretionary participation   –800             –800     –800
Benefits and claims recovered from reinsurers   7   84   25   8       125   –9   115
Net insurance benefits and claims   –9 740   –3 443   –1 128   –31       –14 343   0   –14 343
Policyholder participation   –1 137   –303   –543   –19       –2 001   0   –2 001
Interest expense   –33   –76   –48   –13   –6   1   –176   5   –172
Commission expense   –546   –574   –579   –170   –79   0   –1 948   429   –1 520
Employee benefits expense   –303   –228   –163   –64   –385   –3   –1 147   –3   –1 149
Depreciation and amortisation expense   –137   –219   –63   –19   –27   0   –466     –466
Impairment of property and equipment and intangible assets       0     –15     –15     –15
Other expenses   –114   –174   –80   –36   –240   –18   –662   3   –660
Total expenses   –12 011   –5 017   –2 604   –353   –753   –20   –20 758   433   –20 325
of which intersegment   –296   –31   –60   5   –47   –4   –433   433    
                                     
Segment result   897   287   247   94   374   –6   1 893     1 893
                                     
Unallocated corporate costs                                   –110
Profit from operations                                   1 783
Borrowing costs                                   –121
Income tax expense                                   –406
Net profit                                   1 257
                                     
Additions to non-current assets   2 238   235   693   114   205     3 485     3 485

Statement of income for the year ended 31 December 2020

In CHF million
    Switzer-land   France   Germany   Inter-national   Asset Managers   Other   Total before elimi-nations   Elimi-nations   Total
                                     
Income
Premiums earned on insurance contracts   9 854   3 625   1 090   75       14 644   –22   14 621
Premiums earned on investment contracts with discretionary participation   851             851     851
Premiums ceded to reinsurers   –9   –122   –43   –17       –191   22   –169
Net earned premiums   10 695   3 503   1 047   58       15 304   0   15 304
Policy fees earned on insurance contracts   5   4   18   0       27     27
Policy fees earned on investment and unit-linked contracts   47   203   13   80       342     342
Net earned policy fees   52   207   31   80       370     370
Commission income   246   131   521   199   886   1   1 984   –397   1 588
Investment income   2 754   722   492   31   2   24   4 024   –2   4 021
Net gains/losses on financial assets   –708   –95   58   –9   –7   –35   –796     –796
Net gains/losses on financial instruments at fair value through profit or loss   –42   81   121   1   6   25   191     191
Net gains/losses on investment property   668   63   99     16     847     847
Share of profit or loss of associates   6   3   0     0     9     9
Other income   38   3   –16   14   158   0   197   –2   195
Total income   13 708   4 618   2 353   373   1 061   15   22 129   –401   21 728
of which intersegment   2   19   6   –5   376   3   401   –401    
                                     
Expenses
Benefits and claims under insurance contracts   –10 762   –2 919   –1 179   –36       –14 896   4   –14 891
Benefits and claims under investment contracts with discretionary participation   –846             –846     –846
Benefits and claims recovered from reinsurers   7   78   23   6       113   –4   109
Net insurance benefits and claims   –11 602   –2 841   –1 157   –30       –15 629   0   –15 629
Policyholder participation   –268   –409   –227   –6       –910   0   –910
Interest expense   –27   –76   –11   –14   –5   1   –132   5   –127
Commission expense   –530   –481   –469   –137   –72   0   –1 690   397   –1 293
Employee benefits expense   –218   –214   –160   –60   –346   –4   –1 002   –3   –1 005
Depreciation and amortisation expense   –121   –206   –77   –17   –30   0   –450     –450
Impairment of property and equipment and intangible assets       0   0   –21     –21     –21
Other expenses   –113   –174   –73   –31   –242   –83   –716   1   –715
Total expenses   –12 878   –4 401   –2 174   –295   –716   –87   –20 551   401   –20 150
of which intersegment   –276   –27   –55   1   –38   –6   –401   401    
                                     
Segment result   830   217   180   78   345   –72   1 578     1 578
                                     
Unallocated corporate costs                                   –106
Profit from operations                                   1 472
Borrowing costs                                   –121
Income tax expense                                   –300
Net profit                                   1 051
                                     
Additions to non-current assets   3 191   413   198   27   95     3 923     3 923

Balance sheet as at 31 December 2021

In CHF million
    Switzer-land   France   Germany   Inter-national   Asset Managers   Other   Total before elimi-nations   Elimi-nations   Total
                                     
Assets
Cash and cash equivalents   3 093   2 518   358   901   287   51   7 208     7 208
Derivatives   2 680   108   32     3   6   2 829   –61   2 768
Assets held for sale   69             69     69
Financial assets at fair value through profit or loss   7 732   19 960   4 890   20 840   10     53 433   –120   53 313
Financial assets available for sale   69 856   20 150   9 067   1 529   19   850   101 471     101 471
Loans and receivables   16 182   3 499   5 544   212   472   2 895   28 805   –4 546   24 260
Financial assets pledged as collateral   2 490   1 486         164   4 140     4 140
Investment property   34 175   3 210   3 673     176     41 234     41 234
Investments in associates   34   90   44     3     172     172
Reinsurance assets   32   296   139   145       612   –42   570
Property and equipment   226   112   138   29   51   0   557     557
Intangible assets including intangible insurance assets   741   401   1 361   428   464     3 395     3 395
Other assets   595   58   81   9   598   3   1 344   –180   1 164
Segment assets   137 906   51 889   25 327   24 092   2 084   3 970   245 267   –4 948   240 319
Income tax assets                                   105
Total assets                                   240 424
                                     
Liabilities and equity
Liabilities                                    
Derivatives   1 555   113   81       58   1 807   –61   1 746
Investment and unit-linked contracts   7 404   13 373   1 397   22 697       44 872   –35   44 837
Other financial liabilities   11 832   6 540   2 520   318   546   422   22 178   –1 439   20 738
Insurance liabilities   89 586   24 505   16 053   197       130 342   –84   130 258
Policyholder participation liabilities   9 982   4 133   3 264   27       17 406   –5   17 401
Employee benefit liabilities   1 110   100   176   11   182   3   1 581     1 581
Provisions   14   9   3   5   8   10   48     48
Other liabilities   164   124   72   16   27   21   425   –2   423
Segment liabilities   121 647   48 897   23 568   23 270   763   514   218 658   –1 626   217 032
Borrowings                                   4 099
Income tax liabilities                                   2 771
Equity                                   16 522
Total liabilities and equity                                   240 424

Balance sheet as at 31 December 2020

In CHF million
    Switzer-land   France   Germany   Inter-national   Asset Managers   Other   Total before elimi-nations   Elimi-nations   Total
                                     
Assets
Cash and cash equivalents   2 700   1 782   432   2 671   247   32   7 865     7 865
Derivatives   2 647   323   92       11   3 073   –65   3 008
Assets held for sale   1             1     1
Financial assets at fair value through profit or loss   8 022   17 128   4 295   17 890   0     47 336     47 336
Financial assets available for sale   74 214   21 825   9 849   1 683   1   869   108 441     108 441
Loans and receivables   15 101   3 139   5 990   171   419   2 843   27 663   –4 307   23 357
Financial assets pledged as collateral   2 506   1 453     61     45   4 064     4 064
Investment property   31 645   3 270   3 085     119     38 120     38 120
Investments in associates   31   91   48     3     172     172
Reinsurance assets   31   290   132   106       559   –4   556
Property and equipment   233   67   134   25   57   0   515     515
Intangible assets including intangible insurance assets   687   366   1 300   340   365     3 058     3 058
Other assets   609   54   22   8   447   7   1 146   –205   942
Segment assets   138 429   49 788   25 378   22 955   1 658   3 806   242 015   –4 580   237 435
Income tax assets                                   103
Total assets                                   237 538
                                     
Liabilities and equity
Liabilities                                    
Derivatives   1 384   17   3       49   1 452   –65   1 387
Investment and unit-linked contracts   6 931   12 454   1 206   21 433       42 024     42 024
Other financial liabilities   12 039   6 048   1 808   431   549   324   21 199   –1 318   19 882
Insurance liabilities   89 689   22 504   16 468   197       128 858   –82   128 776
Policyholder participation liabilities   9 852   5 220   3 729   22       18 824   0   18 824
Employee benefit liabilities   1 464   106   209   14   197   2   1 993     1 993
Provisions   14   11   9   4   7   76   121     121
Other liabilities   155   115   56   15   24   7   372   –1   371
Segment liabilities   121 529   46 475   23 488   22 117   776   458   214 844   –1 466   213 379
Borrowings                                   3 949
Income tax liabilities                                   2 946
Equity                                   17 263
Total liabilities and equity                                   237 538

Premiums and policy fees from external customers

In CHF million
    Net earned premiums   Net earned policy fees
    2021   2020   2021   2020
                 
Life
Individual life   4 228   4 062   421   352
Group life   9 735   10 851   22   18
Total life   13 963   14 913   443   370
                 
Non-Life
Accident and health   12   11    
Property, casualty and other   413   379    
Total non-life   426   390    
                 
Total   14 389   15 304   443   370

The Swiss Life Group operates in selected countries. The Group’s income and non-current assets by geographical location are detailed below.

In CHF million
    Total income   Non-current assets
    2021   2020   31.12.2021   31.12.2020
Switzerland   13 021   13 771   31 496   29 826
France   5 350   4 627   5 035   4 907
Germany   2 971   2 598   5 507   3 077
Other countries 1   876   732   1 645   2 515
Total   22 219   21 728   43 684   40 324
1 Includes Luxembourg, United Kingdom and Other countries (previously reported separately) which are not material individually and in aggregate

Non-current assets for this purpose consist of investment property, property and equipment and intangible assets (except for intangible assets arising from insurance contracts).

Information about major customers

No revenue from transactions with a single external customer amounted to more than 10% of the Group’s revenue.