In the reporting year, Swiss Life France posted a segment result of CHF 279 million (previous year: CHF 287 million). The decline is attributable to currency effects; in local currency, the result rose by 5%. This growth is primarily due to an improved fee result which was up by 32% in local currency to CHF 137 million, due to higher contributions from unit-linked business and banking. Other reasons were the proceeds from the sale of a wholesale broker specialising in health insurance, a higher savings result, improved margins in death and disability insurance, and efficiency gains. In health insurance, the recent implementation of the new healthcare reform contributed to an increase in claims. Meanwhile, profitability in death and disability insurance improved markedly. The risk result was down due to high claims in property and casualty business. Fee income rose from CHF 414 million in the previous year to CHF 425 million. In local currency this equates to a 10% increase. The cash remittance to the holding company increased in local currency by 55% to CHF 136 million, thanks chiefly to dividend payments, which in local currency were 64% higher than in the previous year.
The insurance market remained stable overall in 2022 after an increase of 19% in the previous year. Premiums in savings and retirement business fell by 3%, while health insurance and death and disability insurance business (+6%) and property and casualty business (+5%) both grew. Premiums at Swiss Life France fell to CHF 7.0 billion, mainly due to the decline in retirement business and motor vehicle insurance. This decline was partially offset by higher revenues from health insurance and death and disability insurance. The focus in the year under review remained on profitability and quality of new business. Premium income from the savings and retirement business fell by 5% in local currency. Thanks to the private insurer strategy and the bonus distribution policy for the premium customer segment, the share of premiums from unit-linked contracts was 63% – significantly higher than the market average. The contribution of unit-linked contracts to new business increased to 76%. At the end of 2022, these contracts accounted for 50% of reserves in the life business. Premiums from health and death and disability insurance business increased by 5%, driven by bolstered sales in these areas. With its distribution of structured products, Swiss Life Banque Privée once again made a positive contribution to business with high net worth individuals in 2022.
In 2023, Swiss Life France will continue to focus on advising and supporting its premium clients by providing comprehensive insurance and wealth management solutions to high net worth individuals and offering a broad range of private risk and pension solutions to self-employed and corporate clients. At the same time, the market unit wants to drive forward its multi-distribution strategy and optimise the scalability and efficiency of its business model by increasing sales efficiency, developing phygital customer experiences using existing portals, and implementing automated processes with its key external partners and distributors.
Key figures for France
|Amounts in CHF million|
|Gross written premiums, policy fees and deposits received||6 956||7 687||–10%|
|Net earned premiums||3 448||3 905||–12%|
|Fee and commission income||425||414||3%|
|Total income||4 711||5 304||–11%|
|Net insurance benefits and claims||–3 109||–3 443||–10%|
|Operating expense||–1 196||–1 195||0%|
|Total expense||–4 432||–5 017||–12%|
|“Swiss Life 2024" and further key figures|
|Cash transfer to Holding||136||94||44%|
|Assets under control||46 108||51 781||–11%|
|Insurance reserves||36 783||42 011||–12%|
|Number of employees (full-time equivalents)||2 518||2 681||–6%|