Annual Report 2012 - Swiss Life

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24 Segment Reporting AWD The AWD Group posted an adjusted operating result in 2012 of EUR 40.3 million compared to EUR 54.2 million the previous year. The company’s operating result (EBIT) was affected by one-off effects, primarily caused by reserves for litigation. Factoring in these one-off effects, EBIT came to EUR 1.6 million. The segment result was adversely affected by impairments for goodwill, brand and the customer relationship asset of CHF 578 million. As a result the company posted a segment loss of CHF 591 million (2011: CHF –13 million). The year under review was characterised by challenging market conditions. The AWD Group generated overall sales revenues of EUR 488.5 million, a drop of 12.9% from the prior-year level. This is partly attributable to a decline in commission income in the areas of life insurance and pensions products, investment funds and private health insurance. In the core market of Germany, sales revenues fell to EUR 305.6 million (–18.6%). This development is largely attributable to cautious investment behaviour among customers caused by the difficult economic situation. This reticence among potential customers is also evident in the regions of Austria and Eastern Europe where sales revenues decreased by 11.6% compared to the previous year to EUR 56.9 million. Business in the UK showed a positive trend: sales revenues again improved, rising by 12.5% to EUR 54.8 million. AWD Switzerland generated revenues of EUR 71.2 million (–1.4%) in 2012. At the end of 2012, the AWD Group had 4545 trained and registered financial advisors, as well as 2012 advisors in training under contract. The decline in the number of advisors from the previous year is chiefly due to stricter training and registration requirements within the financial services industry. Although this may quell growth in advisor numbers in the short term, it serves to improve the quality and sustainability of the advice provided in the medium term. With the new Group-wide programme “Swiss Life 2015” the AWD segment is being repositioned within the Swiss Life Group. All production and distribution organisations in each market will be managed under one roof going forward in order to optimise market development and leverage synergies. From spring 2013, AWD will operate in the markets of Germany, Switzerland, Austria, Poland and the Czech Republic under the brand name “Swiss Life Select”. In addition, the tecis, HORBACH and Proventus brands will continue to operate in Germany, while customers in the UK will be advised under the Chase de Vere brand. Reporting will be transferred to the existing segments Switzerland, Germany and International. AWD’s former operations in Slovakia and Hungary were discontinued as of the end of 2012. Swiss Life – Annual Report 2012
Amounts in CHF million 2012 2011 +/– 25 Segment Reporting Key figures for AWD Commission income 583 692 –15.8% Financial result 1 1 n/a Other income 2 5 –60.0% Total income 587 698 –15.9% Interest expense –2 –1 n/a Operating expense –1 177 –710 65.8% Segment result –591 –13 n/a Number of employees (full-time equivalents) 1 430 1 452 –1.5% Financial advisors 4 545 4 932 –7.8% Swiss Life – Annual Report 2012
Page 1: Swiss Life Group annual report 2012
Page 4 and 5: 4 Facts & Figures The Swiss Life
Page 6 and 7: 6 Shareholder’s Letter Dear Share
Page 8 and 9: 8 Summary of Group results Summary
Page 10 and 11: Amounts in CHF million 2012 2011 +/
Page 12 and 13: 12 Segment Reporting Segment Report
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Page 22 and 23: 22 Segment Reporting Investment Man
Page 26 and 27: 26 Corporate Governance Corporate G
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Number of shares 2012 2011 204 Cons
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In CHF million 2012 2011 228 Swiss
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As % of total share capital 31.12.2
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In CHF million 2012 2011 232 Swiss
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250 Share Performance and Historica
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252 Contacts and Publishing Details
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130 286 The future starts here. Swi
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