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International

The International segment comprises cross-border business for high net worth international individuals (Global Private Wealth Solutions) and multinational companies (Global Employee Benefits Solutions), under the brand Swiss Life Global Solutions, as well as the financial services providers Chase de Vere in the United Kingdom, Fincentrum in the Czech Republic, and Swiss Life Select in Austria, Slovakia and the Czech Republic.

In the year under review, the International segment achieved a result of CHF 94 million, an increase of 20% (previous year: CHF 78 million). Fee business continues to account for the largest share by far.

The Global Private Wealth Solutions business area, with carriers based in Luxembourg, Liechtenstein and Singapore, specialises in life insurance solutions for high net worth individuals. Thanks to its comprehensive, international product range and assets under control of CHF 21.2 billion (previous year: CHF 20.1 billion) fee income increased slightly during the year under review.

The Global Employee Benefits Solutions business area concentrates on global provisions solutions for multinational companies. Positive risk and volume development led to higher profitability in the pensions business. Swiss Life Network, a leading independent provider of global employee benefits solutions in conjunction with Swiss Life partner companies, again made a strong contribution to the result thanks to further fee optimisation.

Fee income from the financial services providers rose by 25% during the year under review to CHF 239 million (previous year: CHF 185 million). The growth was achieved in all distribution units through increased advisor recruitment and higher productivity. The use of digital solutions in the advisory process and an improved product mix, among other things, contributed to the higher productivity.

In 2022, Swiss Life Global Solutions will focus more on innovative insurance solutions and the scaling of business models to further develop profitable new business. In financial advisory, the company is focused on continually increasing the number of advisors and their productivity. Accelerated and systematic digitalisation will form the basis for continuing to offer suitable, high-quality financial services and advice anytime and anywhere in the future. Swiss Life International is targeting further growth in fee and risk business through digitalisation.

Key figures for International

Amounts in CHF million
    2021   2020   +/–
Gross written premiums, policy fees and deposits received   1 198   1 343   –11%
Net earned premiums   74   58   26%
Fee and commission income   338   279   21%
Financial result   48   23   n/a
Other income   –13   14   n/a
Total income   447   373   20%
Net insurance benefits and claims   –31   –30   5%
Policyholder participation   –19   –6   n/a
Interest expense   –13   –14   –4%
Operating expense   –290   –245   18%
Total expense   –353   –295   20%
Segment result   94   78   20%
Assets under control   23 301   22 332   4%
Insurance reserves   22 921   21 652   6%
Number of employees (full-time equivalents)   1 052   985   7%
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