In 2022, Swiss Life Switzerland posted a segment result of CHF 1.2 billion (previous year: CHF 897 million). The 36% increase is thanks to the improved savings result, mainly due to reserve releases essentially outside group life business. While the risk result remained stable (CHF 273 million), the fee result increased to CHF 30 million (+5%). Investments aimed at attracting high net worth clients were more than offset by the increased contribution from Swiss Life Select, including a positive effect from pension fund obligations. The cash remittance to the holding company was increased to CHF 451 million (+6%).
In the year under review, premiums of Swiss Life Switzerland rose to CHF 9.92 billion in total. This slight increase is mainly due to higher single premiums in the full insurance business, although periodic premiums in private client business also rose. Of the total premium volume, 85% came from group life business.
According to the Swiss Insurance Association (SIA), life insurance premiums in Switzerland were slightly below the previous year’s level at CHF 22.9 billion. In group life business, premiums for the market as a whole were 1% down over the previous year, while premiums for individual life business increased by 2%. While Swiss Life’s market share of group life business rose, it decreased slightly in individual life business.
In group life business, the offer season was again successful in a difficult market environment. Demand was unchanged for semi-autonomous solutions in particular, which include the individual investment offering (1e plan).
With regard to insurance business with private clients, Swiss Life again increased the volume of new business with contracts subject to premiums compared to the already successful 2021 financial year. Brokers and Swiss Life Select were the main contributors to this growth. The volatility on the capital markets led to a certain amount of restraint among private clients in individual insurance business with single premiums, and to fewer contracts concluded for investment products. Meanwhile, the profitability of individual insurance business increased again in an environment of significantly higher interest rates. In response to these higher interest rates, Swiss Life strengthened its private client offering with investments in traditional tied assets.
As part of the current 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. With its own sales force, Swiss Life Select and now Swiss Life Wealth Managers, Swiss Life has a strong sales network and has increased the number of professionally trained advisors to over 1400 throughout Switzerland. This physical sales capacity is being expanded further and reinforced with digitally supported processes and services. The first Swiss Life Wealth Managers branch opened in Zurich in the second quarter of the year. This new sales channel focuses on the growing high net worth segment, to which it mainly provides investment advice. Customers are offered individual strategic asset allocation based on a holistic consultation. It has already welcomed and advised over 200 target customers in the first nine months.
Key figures for Switzerland
|Amounts in CHF million|
|Gross written premiums, policy fees and deposits received||9 918||9 880||0%|
|Net earned premiums||9 421||9 368||1%|
|Fee and commission income||322||330||–2%|
|Financial result||3 040||3 096||–2%|
|Total income||12 945||12 909||0%|
|Net insurance benefits and claims||–9 133||–9 740||–6%|
|Policyholder participation||–1 425||–1 137||25%|
|Operating expense||–1 100||–1 101||0%|
|Total expense||–11 727||–12 011||–2%|
|Segment result||1 218||897||36%|
|“Swiss Life 2024" and further key figures|
|Cash transfer to Holding||451||425||6%|
|Assets under control||117 403||131 902||–11%|
|Insurance reserves||98 420||106 973||–8%|
|Number of employees (full-time equivalents)||2 215||2 213||0%|