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In the home market of Switzerland, the segment result came to CHF 830 million in 2020 (previous year: CHF 892 million). The decline is due to the lower investment result caused by financial market developments arising from the Covid-19 pandemic. The risk result increased slightly (+2%). In addition, the fee result increased to CHF 26 million (+29%). This was due in particular to the successful expansion of investment solutions for private clients as well as real estate and mortgage brokerage.

In the year under review, premiums in Swiss Life Switzerland sank, as expected, to CHF 11.0 billion in total (–18%). The high premiums in the previous year were shaped by a competitor’s withdrawal from the full insurance business. Of the total premium volume, 87% came from group life business.

According to the Swiss Insurance Association (SIA) premiums in the Swiss Life insurance market were 18% higher than the previous year at CHF 24.5 billion. In group life business, premiums for the market as a whole were 22% down compared to the previous year, while premiums for individual life business were 3% below the previous year. Swiss Life’s market share of group and individual life business remained stable.

Swiss Life has its own sales force in Switzerland, and Swiss Life Select has a distribution network totalling over 1300 professionally trained advisors, making it the market leader in Switzerland. In this way, Swiss Life helps its customers prepare for their financial future and enables them to lead a self-determined life.

With its broad and attractive pension offering for private customers, Swiss Life was able to significantly increase new business with periodically financed savings plans in the year under review compared with 2019. The new premium-based savings solution Swiss Life Immo Elements, which was launched in autumn 2020 and enables customers to save with attractive real estate investments, also contributed to this. The share of capital-saving solutions increased again in line with the company’s strategy. There was also a positive trend in the assets under management of the pure investment solutions, where customers benefit from the proven investment expertise of Swiss Life Asset Managers.

The offer season in the group life business was successful, and the processing of changes and customer queries, as well as advisory services and support were also carried out virtually thanks to the use of new technological facilities. Due to the very robust business volume, in particular as a result of disciplined underwriting, there were no impacts from the Covid-19 pandemic or the measures taken to contain the pandemic, in the year under review.

2021 is the final year of the “Swiss Life 2021” strategic programme, the core of which is the digitally supported advisory process to improve the customer experience and advisory effectiveness, leading to more business with existing and new customers.

Key figures for Switzerland

Amounts in CHF million20202019+/-
Net earned premiums10 69513 067–18%
Fee and commission income29826513%
Financial result2 6773 301–19%
Other income38159–76%
TOTAL INCOME13 70816 793–18%
Net insurance benefits and claims–11 602–14 211–18%
Policyholder participation–268–468–43%
Interest expense–27–42–34%
Operating expense–981–1 179–17%
TOTAL EXPENSE–12 878–15 900–19%
Assets under control133 284127 3305%
Insurance reserves106 472103 3443%
Number of employees (full-time equivalents)2 1852 0745%