In the home market of Switzerland, the segment result came to CHF 897 million in 2021 (previous year: CHF 830 million). The increase of 8% is due to the improved investment result, which was negatively affected in the previous year by financial market developments in the context of the Covid-19 pandemic. The risk result was expanded further (+2%). In addition, the fee result increased to CHF 28 million (+11%). This was due in particular to the contribution of Swiss Life Select and the successful expansion in the areas of investment solutions for private clients and real estate brokerage.
In the year under review, premiums of Swiss Life Switzerland sank, as expected, to CHF 9.9 billion in total (–11%). The decline is mainly due to lower single premiums in the full insurance business. Of the total premium volume, 84% came from group life business.
Premiums in the Swiss life insurance market were down 6% to CHF 22.9 billion from the previous year according to the Swiss Insurance Association (SIA). In group life business, premiums for the market as a whole were 11% down over the previous year, while premiums for individual life were 5% more than the previous year. While Swiss Life’s market share of group life business declined slightly, it increased in individual life.
With its own sales force and Swiss Life Select, Swiss Life has a strong sales network of over 1300 professionally trained advisors throughout Switzerland. This physical distribution capacity is being expanded further and developed with digitally supported processes and services. Swiss Life accompanies its customers in planning their financial future and leading a self-determined life.
Swiss Life again increased its new business volume in insurance business with private clients compared to the already successful 2020 financial year. All sales channels, i.e. the Swiss Life Sales Force, Swiss Life Select as well as brokers and banks, contributed to this growth. At the same time, the profitability of new business was further increased through successful volume and margin management. In the investment business for private clients, the inflow of new funds in tax-qualified and non-tax-qualified provisions was significantly higher than in the previous year. With the market launch of a green mortgage, Swiss Life also further expanded its mortgage offering.
The offer season in group life business was successful. There was particular demand for semi-autonomous solutions, including the individual investment offering (1e plan). The processing of changes and customer enquiries, as well as advice and support, were also implemented virtually through the technical and organisational measures taken prior to the outbreak of the pandemic.
Swiss Life successfully implemented the measures under the “Swiss Life 2021” strategic programme, the core of which is the digitally supported advisory process to improve the customer experience and advisory effectiveness, leading to more business with existing and new customers. All the targets set were achieved or even exceeded. As part of the new strategic programme “Swiss Life 2024,” Swiss Life Switzerland aims to increase the advisor base and effectiveness, attract high net worth and digitally affine customers and further optimise the insurance portfolio as well as increase the value of new business.
Key figures for Switzerland
|Amounts in CHF million|
|Gross written premiums, policy fees and deposits received||9 880||11 045||–11%|
|Net earned premiums||9 368||10 695||–12%|
|Fee and commission income||330||298||11%|
|Financial result||3 096||2 677||16%|
|Total income||12 909||13 708||–6%|
|Net insurance benefits and claims||–9 740||–11 602||–16%|
|Policyholder participation||–1 137||–268||n/a|
|Operating expense||–1 101||–981||12%|
|Total expense||–12 011||–12 878||–7%|
|Assets under control||131 902||133 284||–1%|
|Insurance reserves||106 973||106 472||0%|
|Number of employees (full-time equivalents)||2 213||2 185||1%|