4 Segment Information
Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by management (Corporate Executive Board) in deciding how to allocate resources and in assessing performance.
The accounting policies for the segments are the same as those described in the Summary of Significant Accounting Policies section. Intersegmental services and transfers of assets and liabilities are treated as if the transactions were with third parties, i.e. at market prices applicable at the time of the transaction.
Corporate costs were not allocated to the individual segments as they consist of general administrative expenses and head office expenses that relate to the Swiss Life Group as a whole.
The reportable segments have been identified based on information about the components of the entity that management uses to make decisions about operating matters. The business is managed based on IFRS Accounting Standards results.
The information provided to management focuses on product lines and services. The organisational and management structure within the insurance business is geographical. The reportable segments have therefore been identified as follows:
- Switzerland
- France
- Germany
- International
- Asset Managers
- Other
The segments “Switzerland”, “France”, “Germany” and “International” primarily consist of life insurance operations and distribution units. The life insurance operations offer a broad range of life, pension, health, annuity and investment-type policies to both groups and individuals, including disability coverage. The Group’s strategy focuses primarily on life and pensions in Switzerland, France and Germany and on cross-border business from Liechtenstein, Luxembourg and Singapore. These segments also include a number of companies which hold investments mainly pertaining to life insurance.
“International” comprises the cross-border insurance operations in Liechtenstein, Luxembourg and Singapore, the elipsLife operations in Liechtenstein, Switzerland, Italy and the Netherlands, the Swiss Life Select units operating in Austria, the Czech Republic and Slovakia, as well as Chase de Vere operating in the United Kingdom.
Non-life operations predominantly involve operations in the segment “France” and mainly include property and casualty, liability and motor insurance, accident and health insurance and payment protection insurance.
“Asset Managers” refers to the management of assets for institutional clients and the Group’s insurance business, as well as the provision of expert advice for such clients.
“Other” principally refers to various finance and service companies.
Statement of income for the year ended 31 December 2024
| In CHF million | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Switzer-land | France | Germany | Inter-national | Asset Managers | Other | Total before elimi-nations | Elimi-nations | Total | ||||||||||
| Insurance revenue | 3 878 | 2 986 | 782 | 1 101 | – | – | 8 747 | –68 | 8 678 | |||||||||
| Claims and benefits, losses and loss reversals on onerous contracts | –2 542 | –2 201 | –640 | –1 035 | – | – | –6 419 | 32 | –6 387 | |||||||||
| Net expenses from reinsurance contracts held | –6 | –38 | –10 | 32 | – | – | –23 | 35 | 12 | |||||||||
| Interest income | 1 894 | 551 | 358 | 38 | 14 | 14 | 2 867 | –12 | 2 855 | |||||||||
| Other investment result | –1 474 | –334 | –235 | –23 | 205 | 48 | –1 813 | 1 | –1 811 | |||||||||
| Commission income | 254 | 173 | 694 | 285 | 959 | 0 | 2 365 | –432 | 1 933 | |||||||||
| Policy fees earned on investment contracts without discretionary participation | 2 | – | 0 | 65 | – | – | 67 | – | 67 | |||||||||
| Share of profit or loss of associates | –2 | 0 | 1 | – | –1 | – | –2 | – | –2 | |||||||||
| Other income | 105 | 2 | 7 | 0 | 121 | –29 | 207 | –3 | 203 | |||||||||
| Other interest expense | –109 | –119 | –18 | –1 | –21 | 0 | –268 | 12 | –257 | |||||||||
| Commission expense | –561 | –300 | –516 | –175 | –109 | 0 | –1 662 | 429 | –1 232 | |||||||||
| Employee benefits expense | –317 | –229 | –148 | –98 | –425 | –7 | –1 224 | 0 | –1 224 | |||||||||
| Depreciation and amortisation expense | –15 | –9 | –11 | –20 | –31 | – | –86 | – | –86 | |||||||||
| Impairment of property and equipment and intangible assets | – | – | 0 | – | 3 | – | 3 | – | 3 | |||||||||
| Miscellaneous expenses | –253 | –162 | –82 | –54 | –267 | –32 | –850 | 6 | –845 | |||||||||
| Segment result | 854 | 319 | 184 | 113 | 446 | –7 | 1 908 | – | 1 908 | |||||||||
| Unallocated corporate costs | –126 | |||||||||||||||||
| Profit from operations | 1 783 | |||||||||||||||||
| Borrowing costs | –146 | |||||||||||||||||
| Income tax expense | –376 | |||||||||||||||||
| Net profit | 1 261 | |||||||||||||||||
| Additions to non-current assets | 755 | 291 | 338 | 40 | 188 | – | 1 612 | – | 1 612 | |||||||||
Statement of income for the year ended 31 December 2023
| In CHF million | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Switzer-land | France | Germany | Inter-national | Asset Managers | Other | Total before elimi-nations | Elimi-nations | Total | ||||||||||
| Insurance revenue | 3 990 | 2 958 | 806 | 1 093 | – | – | 8 846 | –50 | 8 797 | |||||||||
| Claims and benefits, losses and loss reversals on onerous contracts | –2 502 | –2 275 | –630 | –902 | – | – | –6 308 | 19 | –6 289 | |||||||||
| Net expenses from reinsurance contracts held | –8 | –44 | –8 | –114 | – | – | –174 | 31 | –143 | |||||||||
| Interest income | 1 830 | 546 | 356 | 31 | 8 | 15 | 2 786 | –12 | 2 775 | |||||||||
| Other investment result | –1 823 | –397 | –268 | –27 | –11 | –145 | –2 670 | –1 | –2 672 | |||||||||
| Commission income | 248 | 229 | 636 | 303 | 914 | 0 | 2 330 | –401 | 1 929 | |||||||||
| Policy fees earned on investment contracts without discretionary participation | 2 | – | 1 | 63 | – | – | 66 | – | 66 | |||||||||
| Share of profit or loss of associates | 0 | –1 | 1 | – | 2 | – | 1 | – | 1 | |||||||||
| Other income | 284 | 1 | 5 | 4 | 199 | 155 | 648 | –3 | 646 | |||||||||
| Other interest expense | –152 | –111 | –14 | –2 | –16 | 0 | –296 | 12 | –284 | |||||||||
| Commission expense | –531 | –322 | –460 | –161 | –111 | 0 | –1 585 | 402 | –1 183 | |||||||||
| Employee benefits expense | –298 | –223 | –144 | –112 | –384 | –5 | –1 167 | –3 | –1 169 | |||||||||
| Depreciation and amortisation expense | –13 | –11 | –12 | –18 | –29 | – | –83 | – | –83 | |||||||||
| Impairment of property and equipment and intangible assets | 0 | – | – | –2 | – | – | –2 | – | –2 | |||||||||
| Miscellaneous expenses | –189 | –153 | –80 | –58 | –299 | 9 | –770 | 4 | –766 | |||||||||
| Segment result | 839 | 199 | 187 | 98 | 272 | 29 | 1 623 | – | 1 623 | |||||||||
| Unallocated corporate costs | –124 | |||||||||||||||||
| Profit from operations | 1 497 | |||||||||||||||||
| Borrowing costs | –132 | |||||||||||||||||
| Income tax expense | –254 | |||||||||||||||||
| Net profit | 1 111 | |||||||||||||||||
| Additions to non-current assets | 661 | 519 | 198 | 40 | 29 | – | 1 447 | – | 1 447 | |||||||||
Net investment result per segment has been represented. Interest income and other investment result per segment are now shown separately.
Balance sheet as at 31 December 2024
| In CHF million | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Switzer-land | France | Germany | Inter-national | Asset Managers | Other | Total before elimi-nations | Elimi-nations | Total | ||||||||||
| Assets | ||||||||||||||||||
| Cash and cash equivalents | 1 346 | 2 386 | 404 | 637 | 252 | 29 | 5 055 | – | 5 055 | |||||||||
| Derivatives | 1 581 | 37 | 4 | – | 16 | 1 | 1 639 | –128 | 1 511 | |||||||||
| Assets held for sale | 1 | – | – | – | – | – | 1 | – | 1 | |||||||||
| Financial assets | ||||||||||||||||||
| Measured at fair value through profit or loss | 22 574 | 28 626 | 5 383 | 18 097 | 18 | 323 | 75 022 | –162 | 74 861 | |||||||||
| Measured at fair value through other comprehensive income | 40 894 | 10 501 | 8 759 | 1 715 | – | 661 | 62 530 | – | 62 530 | |||||||||
| Measured at amortised cost | 14 596 | 3 050 | 579 | 161 | 552 | 3 101 | 22 039 | –5 009 | 17 030 | |||||||||
| Financial assets pledged as collateral | 8 334 | 1 303 | – | – | – | – | 9 637 | – | 9 637 | |||||||||
| Total financial assets | 86 398 | 43 480 | 14 722 | 19 973 | 570 | 4 086 | 169 228 | –5 171 | 164 058 | |||||||||
| Investment property | 33 899 | 2 854 | 3 667 | – | 429 | – | 40 848 | – | 40 848 | |||||||||
| Investments in associates | 193 | 132 | 124 | 3 | 26 | – | 478 | – | 478 | |||||||||
| Insurance contract assets incl. investment contracts with discretionary participation | 13 | 10 | – | – | – | – | 23 | –18 | 5 | |||||||||
| Reinsurance contract assets | 2 | 233 | 17 | 1 849 | – | – | 2 100 | –20 | 2 080 | |||||||||
| Property and equipment | 524 | 188 | 177 | 34 | 61 | – | 984 | – | 984 | |||||||||
| Intangible assets | 161 | 295 | 443 | 472 | 359 | – | 1 731 | – | 1 731 | |||||||||
| Other assets | 800 | 74 | 19 | 11 | 974 | 4 | 1 883 | –115 | 1 768 | |||||||||
| Segment assets | 124 917 | 49 689 | 19 577 | 22 980 | 2 687 | 4 119 | 223 969 | –5 452 | 218 518 | |||||||||
| Income tax assets | 414 | |||||||||||||||||
| Total assets | 218 933 | |||||||||||||||||
| Liabilities and equity | ||||||||||||||||||
| Liabilities | ||||||||||||||||||
| Derivatives | 1 869 | 396 | 61 | – | – | 68 | 2 393 | –128 | 2 265 | |||||||||
| Investment contracts without discretionary participation | 582 | 570 | 206 | 16 768 | – | – | 18 126 | – | 18 126 | |||||||||
| Other financial liabilities | 11 009 | 6 950 | 1 645 | 161 | 751 | 156 | 20 671 | –1 134 | 19 537 | |||||||||
| Insurance contract liabilities incl. investment contracts with discretionary participation | 102 635 | 38 786 | 16 665 | 5 052 | – | – | 163 138 | –59 | 163 079 | |||||||||
| Reinsurance contract liabilities | 0 | 0 | 30 | 0 | – | – | 30 | –6 | 24 | |||||||||
| Employee benefit liabilities | 755 | 81 | 111 | 24 | 149 | 3 | 1 124 | – | 1 124 | |||||||||
| Provisions | 11 | 8 | 2 | 4 | 8 | 25 | 58 | – | 58 | |||||||||
| Other liabilities | 100 | 143 | 80 | 13 | 23 | 25 | 384 | –1 | 383 | |||||||||
| Segment liabilities | 116 961 | 46 933 | 18 800 | 22 023 | 932 | 277 | 205 926 | –1 328 | 204 597 | |||||||||
| Borrowings | 5 298 | |||||||||||||||||
| Income tax liabilities | 1 368 | |||||||||||||||||
| Equity | 7 669 | |||||||||||||||||
| Total liabilities and equity | 218 933 | |||||||||||||||||
Balance sheet as at 31 December 2023
| In CHF million | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Switzer-land | France | Germany | Inter-national | Asset Managers | Other | Total before elimi-nations | Elimi-nations | Total | ||||||||||
| Assets | ||||||||||||||||||
| Cash and cash equivalents | 2 009 | 2 367 | 476 | 596 | 414 | 25 | 5 888 | – | 5 888 | |||||||||
| Derivatives | 2 751 | 53 | 26 | – | 12 | 1 | 2 843 | –94 | 2 749 | |||||||||
| Assets held for sale | 1 | – | – | – | – | – | 1 | – | 1 | |||||||||
| Financial assets | ||||||||||||||||||
| Measured at fair value through profit or loss | 17 479 | 25 022 | 5 133 | 17 923 | 18 | 157 | 65 732 | –184 | 65 548 | |||||||||
| Measured at fair value through other comprehensive income | 45 128 | 10 513 | 8 709 | 1 333 | – | 645 | 66 329 | – | 66 329 | |||||||||
| Measured at amortised cost | 15 952 | 3 612 | 531 | 164 | 423 | 2 563 | 23 244 | –4 286 | 18 958 | |||||||||
| Financial assets pledged as collateral | 5 141 | 1 283 | – | – | – | – | 6 424 | – | 6 424 | |||||||||
| Total financial assets | 83 700 | 40 430 | 14 373 | 19 420 | 441 | 3 365 | 161 729 | –4 470 | 157 259 | |||||||||
| Investment property | 34 056 | 2 810 | 3 506 | – | 339 | – | 40 710 | – | 40 710 | |||||||||
| Investments in associates | 46 | 48 | 50 | 3 | 16 | – | 163 | – | 163 | |||||||||
| Insurance contract assets incl. investment contracts with discretionary participation | 27 | 5 | – | 9 | – | – | 41 | –28 | 13 | |||||||||
| Reinsurance contract assets | 1 | 228 | 15 | 1 854 | – | – | 2 098 | –19 | 2 079 | |||||||||
| Property and equipment | 514 | 136 | 172 | 28 | 58 | – | 908 | – | 908 | |||||||||
| Intangible assets | 155 | 295 | 435 | 449 | 368 | – | 1 701 | – | 1 701 | |||||||||
| Other assets | 727 | 62 | 24 | 12 | 954 | 5 | 1 784 | –147 | 1 637 | |||||||||
| Segment assets | 123 988 | 46 435 | 19 077 | 22 371 | 2 600 | 3 396 | 217 867 | –4 758 | 213 108 | |||||||||
| Income tax assets | 336 | |||||||||||||||||
| Total assets | 213 445 | |||||||||||||||||
| Liabilities and equity | ||||||||||||||||||
| Liabilities | ||||||||||||||||||
| Derivatives | 849 | 421 | 19 | – | – | 70 | 1 359 | –94 | 1 265 | |||||||||
| Investment contracts without discretionary participation | 632 | 504 | 182 | 16 882 | – | – | 18 201 | – | 18 201 | |||||||||
| Other financial liabilities | 10 377 | 6 933 | 1 524 | 175 | 842 | 181 | 20 032 | –1 186 | 18 846 | |||||||||
| Insurance contract liabilities incl. investment contracts with discretionary participation | 103 451 | 35 718 | 16 384 | 4 335 | – | – | 159 888 | –58 | 159 830 | |||||||||
| Reinsurance contract liabilities | 0 | 0 | 22 | 18 | – | – | 40 | –23 | 18 | |||||||||
| Employee benefit liabilities | 681 | 76 | 119 | 23 | 127 | 3 | 1 029 | – | 1 029 | |||||||||
| Provisions | 14 | 6 | 1 | 6 | 6 | 6 | 40 | – | 40 | |||||||||
| Other liabilities | 101 | 147 | 72 | 12 | 18 | 26 | 375 | 0 | 374 | |||||||||
| Segment liabilities | 116 104 | 43 805 | 18 324 | 21 451 | 993 | 286 | 200 964 | –1 361 | 199 603 | |||||||||
| Borrowings | 4 195 | |||||||||||||||||
| Income tax liabilities | 1 348 | |||||||||||||||||
| Equity | 8 299 | |||||||||||||||||
| Total liabilities and equity | 213 445 | |||||||||||||||||
Revenue from external customers
| In CHF million | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Insurance revenue | ||||
| Life | 6 099 | 6 272 | ||
| Health and protection | 1 563 | 1 547 | ||
| Non-life | 377 | 370 | ||
| Reinsurance | 639 | 608 | ||
| Total insurance revenue | 8 678 | 8 797 | ||
| Commission income | ||||
| Brokerage commissions | 925 | 873 | ||
| Asset management commissions | 696 | 656 | ||
| Other commissions and fees | 312 | 401 | ||
| Total commission income | 1 933 | 1 929 | ||
| Policy fees earned on investment contracts without discretionary participation | ||||
| Total policy fees earned on investment contracts without discretionary participation | 67 | 66 | ||
| Total | 10 678 | 10 793 | ||
The Swiss Life Group operates in selected countries. The Group’s income and non-current assets by geographical location are detailed below.
| In CHF million | ||||||||
|---|---|---|---|---|---|---|---|---|
| Total income | Non-current assets | |||||||
| 2024 | 2023 | 31.12.2024 | 31.12.2023 | |||||
| Switzerland | 4 555 | 4 837 | 31 228 | 31 449 | ||||
| France | 3 334 | 3 182 | 5 124 | 4 800 | ||||
| Germany | 2 006 | 1 783 | 5 326 | 5 324 | ||||
| Luxembourg | 1 195 | 933 | 136 | 135 | ||||
| United Kingdom | 147 | 128 | 432 | 346 | ||||
| Other countries | 688 | 679 | 1 316 | 1 266 | ||||
| Total | 11 923 | 11 542 | 43 563 | 43 319 | ||||
Non-current assets for this purpose consist of investment property, property and equipment and intangible assets.
Information about major customers
No revenue from transactions with a single external customer amounted to more than 10% of the Group’s revenue.