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In the home market of Switzerland, Swiss Life increased its segment result in 2017 by 2% to CHF 829 million (previous year: CHF 810 million). The main drivers of the increase were the improved savings result and stronger fee result. Direct investment income was slightly above the previous year at CHF 3.0 billion. Insurance benefits, including changes in insurance reserves, fell by 10% to CHF 9.9 billion, a reduction mainly attributable to lower savings premiums and the associated decline in requirement for reserves. Operating expenses fell by 2% to CHF 919 million during the reporting year, and operating administrative costs were also sustainably reduced in 2017 (–1%).

In 2017, Swiss Life in Switzerland achieved premium volume totalling CHF 9.3 billion. This 6% decline is due to the strict focus on new business profitability. Of the total premium volume, 84% came from group life business.

Swiss Life remains market leader in its home market. According to the Swiss Insurance Association (SIA), life insurance premiums in Switzerland fell to CHF 29.4 billion, down 3.5% on the previous year. In group life business, the market posted an overall premium decline of 3.8% and a 2.4% reduction in premiums for individual life business compared to the previous year. Swiss Life’s market share of group life business thus was down slightly at 34% (previous year: 35.1%). In individual life business, market share increased to 20.2% (previous year: 19.8%).

Against the backdrop of what remains a very challenging economic operating environment, the emphasis in individual insurance remains on capital-efficient product solutions while taking account of customers’ fundamental requirements: predictability and security. Examples of the successful new individual insurance offers include the extension of the Swiss Life Premium Comfort product family and the single allocation tranche Swiss Life Premium Assets. Swiss Life also expanded its offering with investment products for private customers as part of its “capitallight” offer strategy. The investment products for private investors launched in autumn 2016 with Swiss Life Asset Managers posted an excellent performance in 2017: in the first 16 months following the launch, over 5000 accounts have been opened and assets under management of CHF 341 million achieved.

In the reporting year, the service offering for corporate clients was further expanded in operational health management and accounting/administration and complemented by the offering in legal security for policyholders. These offers enable insured companies to dispense with those tasks outside their core business and provide policyholders with support to lead a self-determined life.

In 2018, Swiss Life in Switzerland will continue to follow its “Swiss Life 2018” strategy and its long-term initiatives to expand the product and service range and maintain a complete customer experience via analogue and digital channels. The distribution successes in the comprehensive life and pensions provision ecosystem testify to Swiss Life’s increased customer orientation. Customers experience Swiss Life as the leading provider of comprehensive life and pensions and financial solutions for a self-determined life.

Key figures for Switzerland

Amounts in CHF million20172016+/-
GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED9 2909 876–6%
Net earned premiums8 9979 584–6%
Fee and commission income230233–1%
Financial result2 7843 347–17%
Other income–9792 1n/a
TOTAL INCOME11 91313 255 1–10%
Net insurance benefits and claims–9 911–11 007–10%
Policyholder participation–229–463–51%
Interest expense–26–40 1–36%
Operating expense–919–935 1–2%
TOTAL EXPENSE–11 084–12 446 1–11%
SEGMENT RESULT829810 12%
Assets under control118 633115 6273%
Insurance reserves95 49993 6992%
Number of employees (full-time equivalents)2 0072 062–3%


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