International
Swiss Life International comprises cross-border business for high net worth individuals (Global Private Wealth Solutions) and multinational companies (Global Employee Benefits Solutions) under the Swiss Life Global Solutions and elipsLife brands, as well as the independent 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 reporting year, the International segment posted a result of CHF 101 million (previous year: CHF 94 million). This corresponds to growth of 16% in local currency, to which all International business areas contributed with positive developments in fee and risk results. The fee result for Swiss Life International increased to CHF 82 million, a rise of 23% in local currency over the previous year. The cash remittance to the holding company was increased by 22% in local currency to CHF 64 million.
The Global Private Wealth Solutions area, with insurance companies in Luxembourg, Liechtenstein and Singapore, specialises in life insurance solutions for high net worth individuals and had assets under management of CHF 18.3 billion as at the end of 2022 (previous year: CHF 21.2 billion). A focus on high-margin solutions increased the fee result in this area by 12% in local currency to CHF 22 million.
The Global Employee Benefits Solutions area focuses on risk, pension and healthcare solutions for multinational companies. Positive risk and volume development led to higher profitability in the pensions business. The acquisition of elipsLife (completed on 1 July 2022) will enable Swiss Life International to strengthen this business area and expand its presence in the Netherlands and Italy.
The independent financial advisors in the United Kingdom and Central and Eastern Europe increased the fee result in this business area by 17% in local currency to CHF 45 million. This growth is due to an improved product mix, increased advisor productivity and a focus on advisor recruitment.
In 2023, Swiss Life International will expand its current product range in order to further increase the fee and risk results. With innovative insurance solutions and flexible business platforms, Swiss Life International is well positioned to meet the needs of existing partners and customers and to expand its business.
Key figures for International
| Amounts in CHF million | ||||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | +/– | ||||
| Gross written premiums, policy fees and deposits received | 1 352 | 1 198 | 13% | |||
| Net earned premiums | 86 | 74 | 16% | |||
| Fee and commission income | 375 | 338 | 11% | |||
| Financial result | 33 | 48 | –31% | |||
| Other income | –5 | –13 | –60% | |||
| Total income | 489 | 447 | 9% | |||
| Net insurance benefits and claims | –34 | –31 | 10% | |||
| Policyholder participation | 0 | –19 | n/a | |||
| Interest expense | –12 | –13 | –10% | |||
| Operating expense | –342 | –290 | 18% | |||
| Total expense | –388 | –353 | 10% | |||
| Segment result | 101 | 94 | 8% | |||
| “Swiss Life 2024" and further key figures | ||||||
| Fee result | 82 | 71 | 16% | |||
| Cash transfer to Holding | 64 | 56 | 13% | |||
| Assets under control | 20 356 | 23 301 | –13% | |||
| Insurance reserves | 21 637 | 22 921 | –6% | |||
| Number of employees (full-time equivalents) | 1 395 | 1 052 | 33% | |||
