In Luxembourg, Swiss Life’s total premium income from group insurance climbed 16% compared to 2007. It is gaining more ground on the Luxembourg market where the company is once again strengthening its position as leader. Swiss Life also received the HR Best Pension Solutions Award for the 6th consecutive year. The international ambitions of the transnational business line Corporate Solutions were already achieved in 2008, with Luxembourg turnover from companies located outside the Grand Duchy up 33% (mainly through solutions designed for expatriates).
Looking forward, Swiss Life will branch out into new areas and strengthen its international position as a leading player in the global employee benefit market. While continuing to invest in preserving its leadership in the Luxembourg market, Corporate Solutions will increasingly carry out cross-border business with companies in previously unexplored markets and offer a range of pension fund solutions.
Private placement life insurance
Life insurance designed for international high net worth individuals is also integrated into a cross-border business line, Private Placement Life Insurance. In 2008, the Luxembourg teams were strengthened and consolidated, as were partnerships with major private banks. The marketing strategy and operational structure were aligned with those of the business line and activities in Luxembourg were largely refocused on dedicated funds; as a result, turnover is up 76% compared with 2007.
Private Placement Life Insurance, a unique platform present in Dubai, Liechtenstein, Luxembourg, Singapore and Switzerland and offering international private placement life insurance solutions from various financial centres, intends to consolidate its supranational structure while exploring new opportunities. Luxembourg will mainly serve the French, Belgian and Luxembourg markets, without ruling out the possibility of expansion.
Swiss Life decided to establish a new business line in Luxembourg, involving the development and management of innovative products: variable annuities.
Although Swiss Life Products (Luxembourg) S.A. was only created in the spring of 2008, its CEO and Group Head of the variable annuities business line Martin Tschopp can already report on its progress: “Last summer we successfully launched our first product, Swiss Life Champion, on the German market. In 2008, we also set up a partnership with DWS Investment, Germany’s leading fund promoter. We are delighted to see this partnership develop further with the joint launch of a new product in April 2009.”
Swiss Life (Luxembourg) S.A.: positive results and confidence vis-à-vis the future
Swiss Life (Luxembourg) S.A. achieved turnover growth of 58% in 2008 (487.752 million euros against 309.198 million euros in 2007).
In spite of difficult market conditions, the company's technical provisions in local standards gained 13% compared with 2007 to reach 1 597.036 million euros at 31 December 2008.
The company also closed the 2008 financial year in positive territory, with profits in local standards of 174 672 euros. This takes 100% of the losses (5.677 million euros) on the company’s equity portfolio into consideration, in compliance with the prudential policy of the Commissariat aux Assurances.
The solvency margin of Swiss Life (Luxembourg) S.A. is in line with that of the Swiss Life Group, which, in IFRS standards, amounts to 159% at 31 December 2008.
According to Tanguy Polet, CEO of Swiss Life (Luxembourg) S.A., “The current crisis highlights the importance of long-term financial planning and makes it a primary concern. This is why I am convinced that the solutions developed by Swiss Life respond perfectly to the needs of its clients and that, thanks to the quality of our services, our innovation and the close relationship we have with our partners and clients, the company is fully capable of rising to all the challenges that lie ahead!”.
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Press release on Swiss Life Group’s results 2008
Swiss Life Group’s annual report 2008
Since 1985, Swiss Life has been operating in the Grand Duchy of Luxembourg where it is now active in three sectors: employee benefit solutions for corporate clients, private placement life insurance and variable annuities.
Swiss Life is Luxembourg’s leading provider of group insurance and the Group’s centre of expertise with regard to employee benefit solutions for expatriates. Since 2008, Swiss Life Network and the Luxembourg group insurance business have been combined to create a single cross-border unit, the objective of which is to provide top-quality employee benefit solutions to large corporations and multinational companies worldwide.
In the area of private placement life insurance, the company is focused on marketing life insurance products to high net worth individuals. This business line is now developed within a supranational structure, present in Dubai, Liechtenstein, Luxembourg, Singapore and Switzerland and offering international private placement life insurance solutions from various financial centres.
Luxembourg is also home to Swiss Life’s pan-European development and management platform for variable annuities.
The Swiss Life Group is one of Europe's leading providers of life insurance and pension solutions. In Switzerland, France and Germany, the Group offers individuals and corporations comprehensive advice and a broad range of products through its own sales force as well as brokers and banks. Swiss Life provides international corporations with employee benefit solutions from a single source, and is one of the global leaders in structured life and pension products for international high net worth individuals.
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. Around 6 300 advisors and intermediaries work for the AWD Group in ten European countries.
Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX 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 important factors which may result in a substantial divergence between the actual results, financial situation, development, performance or expectations of Swiss Life and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers are cautioned that these statements are only projections and that no undue reliance should be placed on such forward-looking statements. Neither Swiss Life nor any of its directors, officers, employees or advisors nor any other person connected or otherwise associated with Swiss Life makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this publication. Neither Swiss Life nor any of the aforementioned persons shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this information. Furthermore, Swiss Life assumes no responsibility to publicly update or alter its forward-looking statements or to adapt them, whether as a result of new information, future events or developments or any other reason.