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 Swiss Life Select in Austria, Slovakia and the Czech Republic.
In the year under review, the International segment achieved a result of CHF 78 million, a currencyrelated decrease of 4% (previous year: CHF 81 million). Fee business continues to account for the largest share by far.
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 its comprehensive, international product range and assets under control of CHF 20.1 billion (previous year: CHF 21.2 billion) fee income remained at a high level in a difficult environment during the year under review.
The Global Employee Benefits Solutions business area concentrates on global provisions solutions for multinational companies. Positive risk and volume development led to higher profitability in the pensions business. Swiss Life Network, a leading independent provider of global employee benefits solutions in conjunction with Swiss Life partner companies, again made a major contribution to the result and consolidated its good market position due to its fee optimisation.
Fee income from the financial distribution companies fell by CHF 25.5 million to CHF 185.3 million during the year under review. While Chase de Vere continued to grow in the United Kingdom despite the difficult market environment caused by the Covid-19 pandemic, income in Central and Eastern Europe (CEE) declined.
Swiss Life Global Solutions will focus more on innovative approaches and digital channels in 2021 to further develop profitable new business. In financial consulting, the company focuses on increasing the number of advisors and their productivity. Accelerated and systematic digitalisation will form the basis for continuing to offer suitable, high-quality financial services and advice anytime and anywhere in the future. Through its digitalisation, Swiss Life International is targeting further growth in fee and risk business.
Key figures for International
|Amounts in CHF million||2020||2019||+/-|
|GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED||1 343||2 304||–42%|
|Net earned premiums||58||47||25%|
|Fee and commission income||279||314||–11%|
|Net insurance benefits and claims||–30||–18||70%|
|Assets under control||22 332||23 242||–4%|
|Insurance reserves||21 652||22 694||–5%|
|Number of employees (full-time equivalents)||985||987||0%|