Important contributors to this positive development in the results were the market units in Switzerland, Germany, France and Investment Management. Results in AWD and Swiss Life International were lower than expected.
With CHF 17.0 billion, Swiss Life maintained premium income at its prior-year level and improved its new business margin from 1.2% to 1.4% despite the challenging market conditions. In 2012 the Group generated a return on equity of 0.9%. Adjusted for one-off effects and unrealised gains and losses on fixed-interest investments in equity, return on equity stood at 8.6%. With investment performance of 8.5% (2011: 7.5%), an investment result of CHF 5.7 billion and net investment return of 4.8% (2011: 3.8%) were achieved, which enabled substantial strengthening of the technical reserves.