France

Swiss Life in France increased its segment result to CHF 234 million (2014: CHF 222 million). This represents a 20% increase in local currency, due principally to the quality of new business, a higher financial margin, increased unit-linked business and improved technical margins in health, death and disability insurance and property and casualty business.

The French insurance market posted 4% growth in local currency. Savings and pension provisions were up 5%, health, death and disability insurance by 3% and property and casualty rose by 1.5%. Swiss Life grew its premium volume in France, meanwhile, by 2% in local currency to CHF 4.5 billion (2014: CHF 5.1 billion). The strong positioning of the life insurance business in the premium segment, the diversification of business activities and multichannel distribution all contributed to this increase. Premium income in savings and pension provisions rose by 5% in local currency, placing them at market level. The share of premium income from unit-linked contracts (45%) was above the market average of 20% thanks to the private insurer strategy and the bonus distribution policy for customers in the premium segment. The realignment in health, death and disability insurance to group business gathered momentum, particularly towards the end of the year, with significant new business in target products (group standard business and individual death and disability). The full effect of this realignment will become apparent in 2016. Swiss Life Banque Privée continues to contribute to the Group’s business with high net worth individuals through its increased volume and improved operating result.

In 2016, Swiss Life in France will continue to pursue the expansion of its product and service offering in life insurance for high net worth individuals and drive the development of its group business offering. Furthermore, the Group will also continue to expand its digital services and financial advice in France through its LaFinBox application, which affords users an overview of all bank and savings accounts.


Key figures for France

Amounts in CHF million  
  2015 2014 +/–
GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED 4 536 5 069 -11%
Net earned premiums 2 346 2 625 -11%
Fee and commission income 236 260 -9%
Financial result 745 863 -14%
Other income -1 1 n.a.
TOTAL INCOME 3 327 3 750 -11%
Net insurance benefits and claims -1 970 -2 288 -14%
Policyholder participation -157 -139 13%
Interest expense -102 -124 -17%
Operating expense -863 -977 -12%
TOTAL EXPENSE -3 093 -3 528 -12%
SEGMENT RESULT 234 2221 5%
Assets under control 34 578 36 770 -6%
Insurance reserves 26 848 28 391 -5%
Number of employees (full-time equivalents) 2 071 2 088 -1%

1 adjusted for the Group’s internal trademark fees, both levied and received
(Swiss Life brand)
2 restated

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