The International segment comprises cross-border business for high net worth international individuals (Global Private Wealth) and multinational companies (Global Employee Benefits), as well as the financial services providers Swiss Life Select in Austria and the Czech Republic, and Chase de Vere in the United Kingdom.
In the year under review, the International segment achieved a result of CHF 45 million, a growth of 8% over the previous year (2015: CHF 42 million). The improvement can be ascribed to progress in operations and continuing cost discipline. Fee and commission income fell to CHF 213 million (2015: CHF 225 million). Gross written premiums, policy fees and deposits received came to CHF 1.7 billion (2015: CHF 2.5 billion).
The Global Private Wealth Solutions business area, with carriers based in Luxembourg, Liechtenstein and Singapore, specialises in life insurance solutions for high net worth individuals. Its internationally comprehensive product range allowed it to virtually maintain fee income despite a declining portfolio.
The Global Employee Benefits Solutions business area concentrates on global provisions solutions for multinational companies. Sustained positive risk development and increased reserves enabled it to further consolidate profitability on its own balance sheet in Luxembourg. The Swiss Life Network, a leading independent provider of global employee benefits solutions, also consolidated its strong market position in 2016.
Fee income from the financial advisory companies fell by CHF 9 million to CHF 122 million, mainly due to negative currency effects in connection with pound sterling and a decreased contribution from proprietary IFA channels.
In autumn 2016 the new “Swiss Life Global Solutions” sub-brand was launched. The new brand presence is intended to strengthen the market position for international insurance solutions and support the continuous development of the business model. Overall, Swiss Life International is also targeting an increase in its fee and commission income and risk result.
|Amounts in CHF million||2016||2015||+/-|
|GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED||1 718||2 453||–30%|
|Net earned premiums||40||34||18%|
|Fee and commission income||213||225||–5%|
|Net insurance benefits and claims||–20||–10||90%|
|SEGMENT RESULT||45||42 1||8%|
|Assets under control||19 579||20 528||–5%|
|Insurance reserves||19 236||20 065||–4%|
|Number of employees (full-time equivalents)||772||760||2%|
|1 without interest income and guarantee fees between the segments|