France

In the reporting year, Swiss Life France posted a segment result of CHF 199 million (previous year: CHF 369 million). The fee result improved to CHF 156 million (+19% in local currency) due to higher contributions from unit-linked business and banking. In health insurance, the loss ratio remained stable in 2023 thanks to significant tariff increases despite rising healthcare costs and the ongoing impact of the “100% Santé” health reform, which was introduced in France in 2021 with the aim of giving everyone covered by French health insurance better access to medical care. Meanwhile, profitability in death and disability insurance declined due to the increase in work stoppages in terms of frequency, duration and average costs. Fee income rose from CHF 425 million in the previous year to CHF 471 million, equivalent to 15% growth in local currency. The cash remittance to the holding company increased to CHF 156 million (+19% in local currency) mainly due to higher dividend payments (+21% in local currency).

The French insurance market grew by 6% in 2023 after a stable development in the previous year. Premiums rose by 5% in savings and retirement business, by 7% in the health insurance and death and disability insurance business and by 6% in property and casualty business. Premiums at Swiss Life France fell to CHF 6.8 billion. This decline is due to currency effects; in local currency, premiums increased by 1%, mainly due to higher earnings in health insurance and death and disability insurance, with declines in savings and retirement business and motor vehicle insurance partly offsetting this positive result. The focus in the year under review remained on profitability and quality of new business. 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 (41%). The contribution of unit-linked contracts to new business remained stable at 75%. At the end of 2023, these contracts accounted for 54% of reserves in the life business. Premiums from health insurance and death and disability insurance business increased by 9%, thanks to the strong performance of group contracts in recent years. With its distribution of structured products, Swiss Life Banque Privée once again made a positive contribution to business with high-net-worth individuals in 2023.

In 2024, Swiss Life France wants to 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