In the year in review, Swiss Life France grew its segment result in local currency by 4% to CHF 244 million (2015: CHF 234 million). This development is primarily due to the quality of new business, a larger financial margin in life insurance, improved technical margins in property and casualty business and continuing efficiency improvement.
Overall and in an uncertain market environment, the French insurance market remained stable in 2016. Savings and retirement business posted a decline of 1%, while health, death and disability insurance as well as property and casualty business grew by 5% and 2%, respectively. Swiss Life in France had a stable premium volume of CHF 4.5 billion (2015: CHF 4.5 billion), with the focus in new business remaining on profitability and quality. Premium income in savings and retirement provisions sank slightly, by 4% in local currency. The share of premium income from unit-linked contracts was again very high (42%), and thus well above the market average of 20%, thanks to the private insurer strategy and the bonus distribution policy for customers in the premium segment. The share of unit-linked contracts in new business reached a particularly high level: 58%. In health, death and disability insurance, the reorientation of business activities continued, with pronounced new business production in group standard business and death and disability insurance. This made up for the decline in private health insurance following the health reform launched on 1 January 2016, and revenues remained at a steady level. With its distribution of savings products, Swiss Life Banque Privée once again contributed to business with high net worth individuals. All in all, fee and commission income fell by 2% under pressure of market conditions not amenable to banking and despite higher revenues from unit-linked life insurance.
In 2017 Swiss Life in France aims to continue its profitable growth via its product and services range in life insurance and its group business offering for high net worth individuals. Swiss Life will also ensure better satisfaction of customer expectations thanks to initiatives in the area of digitalisation, and intends to offer appropriate, high-value financial services and consulting.
|Amounts in CHF million||2016||2015||+/-|
|GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED||4 507||4 536||–1%|
|Net earned premiums||2 477||2 346||6%|
|Fee and commission income1||241||246||–2%|
|Other income||1||–1||n. a.|
|TOTAL INCOME||3 489||3 327||5%|
|Net insurance benefits and claims||–1 759||–1 970||–11%|
|Policyholder participation||–493||–157||n. a.|
|TOTAL EXPENSE||–3 245||–3 093||5%|
|Assets under control||36 651||34 578||6%|
|Insurance reserves||28 711||26 848||7%|
|Number of employees (full-time equivalents)||2 085||2 071||1%|
|1 including banking and Pôle AGAMI.|