Germany
Swiss Life Germany is a leading provider of insurance and pension solutions in the areas of life insurance, occupational pensions (bAV) and employee insurance as well as comprehensive financial and pension advice independent of product provider under the Swiss Life Select, Tecis, Horbach and Proventus brands. The segment information comprises local insurance activities and the financial advisory companies operating in Germany.
During the year under review, Swiss Life exploited the market opportunities on offer and increased its segment result to CHF 247 million (previous year: CHF 180 million). The fee result improved by 21% in local currency due to successful distribution activities and further growth in owned IFAs. The savings result posted a significant increase, due in particular to the positive development of insurance investments, so that the previous year’s figure in local currency was exceeded by 53%. Other profit sources also developed positively and contributed to the increase.
Thanks to various digitalisation measures in the advisory process, such as online video consulting, e-signature and mobile working, Swiss Life Germany was able to further expand its advisory business during the Covid-19 pandemic. Fee income increased to CHF 698 million in 2021, equivalent to an increase of 25% in local currency. The main driver in that context was the strong growth and distribution base in the owned sales channels as well as the new business brokered across all product areas. In a shrinking market for intermediaries, the number of trained and registered financial advisors at Swiss Life financial services providers increased to 5573 persons (+20% over the previous year).
Swiss Life Germany posted premiums of CHF 1.5 billion in 2021. This corresponds to an increase of 4% in local currency over the previous year and is thus well above the market performance in Germany (market change: –1%). The core product areas of Swiss Life Germany are employee insurance, occupational pensions, long-term care insurance and modern guarantee concepts. During the reporting year, the unit-linked life insurance Investo, inter alia, was expanded further and broadened with the addition of an ESG-compliant fund range. The overall new business volume increased by 21% in local currency compared to the previous year. Operating expenses rose by 5% as a result of the increased business volume and various growth initiatives, for example in the area of digitalisation. Thanks to continuous improvement in operational efficiency, the increase is significantly lower than the growth in business volume. The measures from the “Swiss Life 2021” strategic programme were successfully concluded by the end of the year. The targets set were met without exception and, for the most part, even exceeded. Under the new “Swiss Life 2024” Group-wide programme, Swiss Life Germany will focus on the following strategic thrusts over the next few years in addition to a stable insurance portfolio and high solidity:
- Expansion of personal and hybrid financial advice by expanding the geographic advisory network and other digital services
- Further development of a high-yield and sustainable product portfolio with special offers for young people
- Significant investments in IT infrastructure and expansion of digitalisation
- Embedding sustainability in all business areas
- Further development of its own organisational culture
Key figures for Germany
| Amounts in CHF million | ||||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | +/– | ||||
| Gross written premiums, policy fees and deposits received | 1 457 | 1 390 | 5% | |||
| Net earned premiums | 1 041 | 1 047 | –1% | |||
| Fee and commission income | 698 | 552 | 26% | |||
| Financial result | 1 108 | 771 | 44% | |||
| Other income | 4 | –16 | n/a | |||
| Total income | 2 851 | 2 353 | 21% | |||
| Net insurance benefits and claims | –1 128 | –1 157 | –2% | |||
| Policyholder participation | –543 | –227 | n/a | |||
| Interest expense | –48 | –11 | n/a | |||
| Operating expense | –886 | –779 | 14% | |||
| Total expense | –2 604 | –2 174 | 20% | |||
| Segment result | 247 | 180 | 37% | |||
| Assets under control | 24 038 | 25 208 | –5% | |||
| Insurance reserves | 20 715 | 21 403 | –3% | |||
| Number of employees (full-time equivalents) | 1 699 | 1 657 | 3% | |||
