The International segment comprises cross-border business for high net worth international individuals (Global Private Wealth Solutions) and multinational companies (Global Employee Benefits Solutions), under the brand “Swiss Life Global Solutions”, 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 51 million, a growth level of 14% over the previous year (2016: CHF 45 million). This improvement stems predominantly from higher fee income of CHF 225 million (previous year: CHF 213 million). Gross written premiums, policy fees and deposits received posted a 56% increase to CHF 2.7 billion (previous year: CHF 1.7 billion). This is mainly due to the strongly positive development of new private wealth business in Luxembourg and Singapore.
The two business areas Global Private Wealth Solutions and Global Employee Benefits Solutions are marketed externally under the “Swiss Life Global Solutions” brand introduced at the end of 2016. This is intended to strengthen the market position for international insurance solutions and the further development of the business model.
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. Fee income grew on the back of the comprehensive international product range and premium growth.
The Global Employee Benefits Solutions business area concentrates on global provisions solutions for multinational companies. Good risk development and higher reserves enabled the consolidation of profitability on its own balance sheet in Luxembourg. Swiss Life Network, the leading independent provider of global employee benefits solutions, made a strong contribution to the result due to its fee optimisation and thus reconfirmed its good market position.
Fee income from the financial advisory companies rose by CHF 7 million to CHF 129 million, due mainly to improved revenues achieved by the distribution units in Austria and in the United Kingdom.
In 2018, Swiss Life International aims to pursue new insurance business development by extending its product range. In financial consulting the company anticipates an increase in the number of advisors and an increase in revenue per advisor. Swiss Life International aims to ensure that people can be offered suitable and high-quality financial services and advice going forward through digitalisation initiatives. Swiss Life International is also targeting an increase in fee and risk business.
Key figures for International
|Amounts in CHF million||2017||2016||+/-|
|GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED||2 674||1 718||56%|
|Net earned premiums||39||40||–0%|
|Fee and commission income||225||213||6%|
|Net insurance benefits and claims||–12||–20||–38%|
|Assets under control||22 376||19 579||14%|
|Insurance reserves||21 949||19 236||14%|
|Number of employees (full-time equivalents)||789||772||2%|