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Segment Reporting

Swiss Life continued its positive performance: adjusted profit from operations increased by 10% in 2019, compared with the previous year, to CHF 1.69 billion and net profit was up 12%, to CHF 1.20 billion.

In the Swiss domestic market, Swiss Life achieved a segment result of CHF 892 million, a rise of 3% over the previous year. France reported a segment result of CHF 275 million. The 1% decrease is attributable to the currency effects. Swiss Life in Germany contributed CHF 186 million to the result. The 30% rise is partly attributable to an exceptionally high savings result. Swiss Life International increased its segment result by 20% to CHF 81 million and Swiss Life Asset Managers achieved a segment result of CHF 309 million, which was 14% higher than the previous year.

Swiss Life generated direct investment income of CHF 4.4 billion, equal to its 2018 level. Reflecting appreciations in the investment portfolio and higher average capital investments, the direct investment yield fell to 2.8% (previous year: 2.9%). After appreciations, the net investment yield came to 2.9% (previous year: 3.0%).

Swiss Life was able to increase its fee income by 13% to CHF 1820 million. This growth was supported by acquisitions in the past year and consolidation effects. Swiss Life posted premiums of CHF 23.0 billion for 2019 (previous year: CHF 19.2 billion). The extraordinary rise is attributable to group life business in Switzerland and the withdrawal of a competitor from full insurance. Insurance reserves for the benefit of the company’s policyholders rose by 8% in local currency.

As of 31 December 2019, Swiss Life Asset Managers had a total of CHF 254.4 billion under management. Third-party assets under management at year-end were CHF 83.0 billion – a 17% increase over the previous year.

Swiss Life’s segment reporting is on a country basis: Switzerland, France and Germany. It also discloses separately the results of its cross-border segments: International and Asset Managers.

Events after the reporting period

There were no events after the reporting period.

Key figures for the Swiss Life Group

Amounts in CHF million20192018+/–
GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED23 00819 21820%
Net earned premiums17 03413 15729%
Fee and commission income1 8201 61513%
Financial result5 2275 0034%
Other income239286–17%
TOTAL INCOME24 32020 06221%
Net insurance benefits and claims–17 838–13 96128%
Policyholder participation–1 124–1 155–3%
Interest expense–165–14315%
Operating expense–3 541–3 2688%
TOTAL EXPENSE–22 669–18 52722%
PROFIT FROM OPERATIONS1 6511 5348%
NET PROFIT1 2051 08012%
Equity16 43515 0349%
Insurance reserves183 339170 0488%
Assets under management279 258254 20010%
Assets under control303 677277 04010%
Return on equity (in %) 1, 210.89.6+1.2 ppt
Number of employees (full-time equivalents)9 3308 6248%