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Swiss Life France grew its segment result to CHF 261 million during the year under review (previous year: CHF 244 million). This development is mainly due to the good quality of new business, increased fee income, the stable financial margin in life insurance and efficiency improvements throughout the business.

The French insurance market achieved stable growth in local currency in 2017 in a challenging environment with low interest rates and uncertainty over the national elections. Savings and retirement business decreased by 2%, while health, death and disability insurance and property and casualty business grew by 5% and 2%, respectively. Swiss Life in France increased premium volume by 18% to CHF 5.3 billion, as the focus remained on profitability of new business. Premium income in savings and retirement provisions rose by 25% in local currency. The share of premium income from unit-linked contracts was 52%, and thus well above the market average of 28%, thanks to the private insurer strategy and the bonus distribution policy for customers in the premium segment. The proportion of unit-linked contracts in new business increased to 66% (previous year: 58%). At the end of 2017, these contracts accounted for 39% of reserves. Premiums in health, death and disability business increased by 1% in local currency as rates increased and persistency improved. With its distribution of savings products, Swiss Life Banque Privée once again contributed to business with high net worth individuals. It profited significantly from the beneficial market conditions, with positive inflows and increased assets under management. Fee income grew in local currency by 23% in total to CHF 302 million, due to the increase in unitlinked life insurance and banking.

In 2018, Swiss Life in France aims to continue its implementation of the “Swiss Life 2018” strategy. The core elements are the private insurer model, digitalisation initiatives to reinforce customer orientation and operational efficiency, and the development of multichannel distribution.

Key figures for France

Amounts in CHF million20172016+/-
Net earned premiums2 6312 4776%
Fee and commission income130224125%
Financial result773780–1%
Other income11–10%
TOTAL INCOME3 6953 4896%
Net insurance benefits and claims–2 171–1 75923%
Policyholder participation–209–493–58%
Interest expense–92–97–5%
Operating expense–961–8957%
TOTAL EXPENSE–3 434–3 2456%
Assets under control42 70736 65117%
Insurance reserves33 82228 71118%
Number of employees (full-time equivalents)2 0872 0850%