Germany
Swiss Life Germany is a leading provider of insurance and pension solutions in the areas of life insurance, occupational pensions 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.
In the 2022 reporting year, Swiss Life Germany achieved a segment result of CHF 178 million (previous year: CHF 247 million) in a challenging market environment largely shaped by the war in Ukraine, rising energy prices, sharply rising inflation rates and the interest rate turnaround heralded by the European Central Bank. The decline of CHF 69 million is due to a reduced savings result, which was exceptionally high in the previous year due to a positive market performance in almost all asset classes and in the context of additional interest rate reserve financing. The fee result was CHF 104 million (previous year: CHF 113 million). The cost result increased significantly (CHF 21 million), while the risk result declined to CHF 31 million (–7% in local currency). The cash remittance to the holding company increased from CHF 66 million in the previous year to CHF 75 million.
Swiss Life Germany also further expanded its advisory business thanks to various digitalisation measures in the advisory process, such as online video consulting, e-signatures and mobile working. Fee income rose in 2022 to CHF 672 million, equivalent to growth of 3% in local currency. The previous year was also characterised by positive one-off effects. In a shrinking market for intermediaries, the number of trained and registered financial advisors at Swiss Life financial services providers increased to 5943 (+7%).
Swiss Life Germany generated premiums of CHF 1.4 billion in 2022 and, with an increase of 5% in local currency, was well above the market (–6%). The core product areas of Swiss Life Germany are employee insurance, occupational pensions, long-term care insurance and modern guarantee concepts in life insurance.
Owing to the implementation of various growth initiatives in connection with the “Swiss Life 2024” strategic programme, such as in the area of digitalisation and IT infrastructure, operating costs rose by 7% in local currency.
In 2023, Swiss Life Germany will remain focused on the continued implementation of the “Swiss Life 2024” strategic programme. As well as further developing its own organisational culture, it will also concentrate on expanding personal and hybrid financial advice and optimising a high-yield, sustainable product portfolio with special offers for young people. It will also continue to anchor sustainability aspects in all business areas.
Key figures for Germany
| Amounts in CHF million | ||||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | +/– | ||||
| Gross written premiums, policy fees and deposits received | 1 421 | 1 457 | –3% | |||
| Net earned premiums | 952 | 1 041 | –9% | |||
| Fee and commission income | 672 | 698 | –4% | |||
| Financial result | 755 | 1 108 | –32% | |||
| Other income | –2 | 4 | n/a | |||
| Total income | 2 377 | 2 851 | –17% | |||
| Net insurance benefits and claims | –1 018 | –1 128 | –10% | |||
| Policyholder participation | –432 | –543 | –20% | |||
| Interest expense | –18 | –48 | –62% | |||
| Operating expense | –731 | –886 | –17% | |||
| Total expense | –2 199 | –2 604 | –16% | |||
| Segment result | 178 | 247 | –28% | |||
| “Swiss Life 2024" and further key figures | ||||||
| Fee result | 104 | 113 | –8% | |||
| Cash transfer to Holding | 75 | 66 | 14% | |||
| Assets under control | 18 457 | 24 038 | –23% | |||
| Insurance reserves | 17 901 | 20 715 | –14% | |||
| Number of employees (full-time equivalents) | 1 780 | 1 699 | 5% | |||
