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 Chase de Vere in the United Kingdom, Fincentrum in the Czech Republic and Slovakia, and Swiss Life Select in Austria and the Czech Republic.
In the year under review, the International segment achieved a result of CHF 81 million, a growth rate of 20% over the previous year (2018: CHF 68 million). The rise stems predominantly from higher fee income of CHF 314 million (2018: CHF 260 million).
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. Thanks to a comprehensive international product range and higher assets under control of CHF 21.2 billion (previous year: CHF 19.6 billion), fee income again increased in the year under review.
The Global Employee Benefits Solutions business area concentrates on global provisions solutions for multinational companies. Good risk and volume development leads to attractive profitability in the provisions business. Swiss Life Network, a leading independent provider of global employee benefits solutions, made another strong contribution to the result due to its fee optimisation and thus confirmed its good market position.
Fee income from the financial advisory companies rose by CHF 52 million to CHF 211 million, due to the acquisition of Fincentrum, growth at Chase de Vere, and growth at Swiss Life Select in Austria.
In 2020 Swiss Life Global Solutions will continue to focus on innovative approaches and digital channels to win more new business. In financial consulting the company anticipates an increase in the number of advisors and an increase in revenue per advisor. Systematic digitalisation will ensure that people can be offered suitable high-quality financial services and advice going forward. Through its digitalisation, Swiss Life International is targeting further growth in fee and risk business.
Key figures for International
|Amounts in CHF million||2019||2018||+/-|
|GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED||2 304||2 459||–6%|
|Net earned premiums||47||38||21%|
|Fee and commission income||314||260||21%|
|Net insurance benefits and claims||–18||–12||44%|
|Assets under control||23 242||21 484||8%|
|Insurance reserves||22 694||21 116||7%|
|Number of employees (full-time equivalents)||987||965||2%|