The International segment covers business with international high net worth individuals (private clients), multinationals (corporate clients) and the financial distribution companies Swiss Life Select in Austria and the Czech Republic, as well as Chase de Vere in the United Kingdom.
In the year under review, the segment achieved a result of CHF 41 million, which was 11% higher than during the previous year (2014: CHF 37 million). This encouraging development is due to operational progress, ongoing cost discipline and growth in fee and commission income. Due to negative currency effects, fee and commission income in Swiss francs fell to CHF 225 million (2014: CHF 240 million). Gross written premiums, policy fees and deposits received came to CHF 2.5 billion, which was the same as the previous year.
The Private Clients business area, with carriers based in Luxembourg, Liechtenstein and Singapore, specialises in life insurance solutions for high net worth individuals. The identification and development of new markets in Europe and Asia further underpinned the sustained growth in fee income thanks to the development of the portfolio in local currency.
Corporate Clients specialises in global life and pensions solutions for multinationals. Sustained positive risk development and increased reserves enabled Corporate Clients to further consolidate its own balance sheet in Luxembourg. The Swiss Life Network, a leading independent provider of global employee benefits solutions, also consolidated its strong market position in 2015.
Fee income from the financial advisory companies fell by CHF 9 million to CHF 131 million, due to the negative development of the local currencies against the Swiss franc.
In 2016, the main focus is on continued growth in all business areas. Swiss Life International is also targeting an increase in its fee and commission income and risk result.
Key figures for International
|Amounts in CHF million|
|GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED||2 453||2 451||0%|
|Net earned premiums||34||38||-11%|
|Fee and commission income||225||240||-7%|
|Net insurance benefits and claims||-10||-9||19%|
|Assets under control||20 528||22 393||-8%|
|Insurance reserves||20 065||21 841||-8%|
|Number of employees (full-time equivalents)||760||761||-0%|
|1 adjusted for the Group’s internal trademark fees, both levied and received (Swiss Life brand)|
(Swiss Life brand)