These results were corroborated by the HR One Best Pension Solutions Award, presented to Swiss Life for the fifth consecutive year.
Due to 2006 having been such an exceptional year for Swiss Life in Luxembourg in terms of premium volume, this growth was hard to repeat. Furthermore, the difficult context of turbulence affecting the financial markets led to a general decline in Luxembourg life insurance during the final trimester in 2007. Swiss Life did not escape this trend, and despite a rise in individual products having a guaranteed return, global turnover fell compared with the previous year (EUR 309.198 million against EUR 535.513 million in 2006).
In this context, the company’s continuing progress in technical provisions should be highlighted. On 31 December 2007, these attained EUR 1 413.955 million: an upsurge of 17% compared with the previous financial year.
As for the financial year’s profit in local standards, this rose to EUR 3.478 million, which meant a progression of over 80% compared with 2006.
The outlook for development in collective insurance, as well as in individual insurance, remains promising. In group insurance, the company is aiming to retain its leading position on the local market. In other respects, the merging of the operations of group business in Luxembourg with Swiss Life Network within the supranational organisation Swiss Life Corporate Solutions will enable the provision of international employee benefits solutions to be consolidated in Luxembourg.
In parallel, the Swiss Life Group is becoming a key player in the field of private placement life insurance. From 2008, solutions aimed at international high net worth individuals, distributed from Luxembourg, Liechtenstein and Singapore are being offered through the Swiss Life Private Placement supranational structure.
“We are delighted with the prospect created by new partnerships, both local and transnational, set up in 2007”, confirms Margrit Schmid, chairman of the Board of Directors of Swiss Life (Luxembourg) S.A. “Our colleagues have already built a solid base from which to reach the strategic objectives defined in terms of growth and operational excellence, and to fulfil our ambition to be a leading international specialist in life insurance and pension solutions. Their expertise and their commitment mean that we can tackle 2008 with confidence”.
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Press release on Swiss Life Group’s results 2007
Swiss Life Group’s annual report 2007
Swiss Life has been present in Luxembourg since 1985. It is the leading provider of group insurance on the local market. With the Swiss Life Network within the supranational structure Corporate Solutions, it provides life insurance and pension solutions meeting the specific needs of multinationals. It is also a centre of expertise for the Group for solutions for expatriates and third country nationals.
Concerning individual life insurance, the company concentrates on marketing life insurance products to high net worth individuals. This activity is carried out within the supranational structure, Swiss Life Private Placement, enabling the Swiss Life Group to offer, at the international level, private placement life insurance solutions from Luxembourg, Liechtenstein and Singapore.
In Luxembourg, the Swiss Life Group also includes Swiss Life Products, a pan-European platform for developing individual life insurance products.
The Swiss Life Group is one of Europe's leading providers of life insurance and pension solutions. The Group offers individuals and corporations a broad range of products combined with comprehensive advice through its own sales force as well as brokers and banks in Switzerland, France and Germany. It provides internationally operating corporations with employee benefits solutions from a single source, and is among the global leaders in structured life and pension products for high net worth individuals with its centres of competence in Luxembourg, Liechtenstein and Singapore.
Swiss Life is the majority shareholder of the Hanover-based AWD Group, one of Europe's top financial services providers for the medium- and high-income customer segments. AWD offers its clients independent financial advisory services. It employs over 6 300 financial consultants in ten European countries.
Swiss Life Holding, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The Swiss Life Group employs a staff of around 9 000.
Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.