Swiss Life Network Newsletter · 2 I Swiss Life Network Newsletter I March 2011 Partner News I...
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Swiss Life Network NewsletterMarch 2011
2 I Swiss Life Network Newsletter I March 2011
Partner News I Country
I hope you had an excellent start to the new year,
and a good first quarter.
2011 is the last year before the Swiss Life Network
celebrates its 50th birthday. We are honoured to
have been the global employee benefit provider of
choice for many of our customers since the early 1960s. Today and
tomorrow, we remain fully committed to serving you and putting your
requirements always first.
Our current range of solutions reflects the changing needs of our
customers and the emerging global trends in employee benefits.
Pension solutions and health coverage are important elements in
today’s employee benefit solutions. Through traditional risk-pooling,
cost-optimisation remains an important feature of our solutions,
in addition to the highest standards of service. The variety of our
current solutions is illustrated in this issue by descriptions of some
of our network partners’ innovative approaches, and the prestigious
awards some of them have received.
To stay in touch with the market in future, we will continue our
ongoing dialogue with customers at our popular customer events.
Please read on for details of events planned for April and May in
Beijing and Hong Kong.
We look forward, together with our Swiss Life Network partners,
to continuing to help you meet and master your employee benefit
challenges in 2011.
Yours sincerely,
Margrit Schmid
Dear Reader
March 2011 I Swiss Life Network Newsletter I 3
Partner News
Denmark Danica Pension’s Think Nordic concept – a growing success 4
Guatemala Grupo Occidente supports socially responsible investment 5
France Pension reform requires action by employers 6
Hong Kong Sun Life expands its group business offering through continuous service innovation 8
Luxembourg HR award for Swiss Life’s group pension solutions 10
South Africa Momentum merges with Metropolitan to form MMI Holdings 11
Russia Pension benefits in Russia 12
Switzerland Swiss Life Pension Services – expert local and international services for multinational companies 14
USA Dearborn National® responds to growing need for critical illness cover 16
Network News
Swiss Life Network welcomes China Life as our new network partner in China 18
Danica Pension celebrates major Network anniversary 20
Country News
China New Social Insurance Law 21
Venezuela Important legal changes regarding insurance 22
List of Swiss Life Network Partners
Network partners and branch offices 23
Content
ImpressumPublisher Swiss Life Network, General-Guisan-Quai 40, P.O. Box, 8022 Zurich, Switzerland • Editor Swiss Life Network in cooperation with network partners, clients and Openline • Photos Swiss Life Network in cooperation with network partners and clients • Photo Front Asian business woman • Design and Print Swiss Life Marketing Support • Copyright Swiss Life Network • Reprint authorisation on agreement with the Publisher • The quarterly Swiss Life Network newsletter is available online: www.swisslife-network.com/newsletter
4 I Swiss Life Network Newsletter I March 2011
Partner News I Denmark
Danica Pension’s Think Nordic concept – a growing success
Significant benefits of a pan-Nordic approachThink Nordic is an employee benefit concept offering econ-
omies of scale, tailor-made products, professional advice,
a centralised approach, and simplified administration. It
is aimed at meeting the requirements of Nordic-located
companies, whether headquarters or subsidiaries of for-
eign companies.
Think Nordic offers assistance with establishing a uniform
employee benefit scheme in Norway, Sweden and Denmark,
in accordance with local legislation, and gives clients the
benefit of a single source of advice on pension systems and
employee benefits for all three countries. In addition, Think
Nordic offers cost reductions if clients use Danica Pension
in at least two countries, based on the total Nordic volume
placed with Danica Pension.
With many companies in Norway, Sweden and Denmark represented in more than one Nordic country, there is clearly room for a pan-Nordic pension and employee benefit solution. As a pension provider operating across all three countries, Danica Pension first launched Think Nordic with Swiss Life in 2008.
Cooperation with Swiss Life Multinational pooling
is an essential instrument in the Think Nordic concept.
Working with Swiss Life, Danica Pension is well equipped
to handle clients’ pan-Nordic pension and employee ben-
efit plans.
An expanding success story The concept has been
well received by customers in all three countries, as is shown
by the fact that although only three years old, Think Nordic
has generated new premium income of over EUR 3 million
a year for the last two years. Danica Pension is the pioneer
and unique provider of the pan-Nordic concept, and in order
to maintain its leading position, it recently started to work
with Mandatum Life of Finland. This means that Think
Nordic is now being expanded to include Finland, thus
offering even greater advantages to clients.
For more information
please visit www.danicapension.dk/english
or contact Mr. Peter Mørch, Danica Pension
E-mail: [email protected]
Phone: +45 45 13 59 35
Denmark
Nor
way
Sweden
ThinkNordic
One pointof entry
Unique productportfolio
Customisedservice
Minimisedcosts
March 2011 I Swiss Life Network Newsletter I 5
Guatemala I Partner News
Grupo Occidente supports socially responsible investment
Grupo Agroindustrial Occidente (GAO), a leader in the
natural rubber industry in the Americas, has developed an
innovative management model integrating sustainability
principles and greater social responsibility, which allows
increased competitiveness while improving the risk man-
agement of rubber tree plantations.
The new model pioneers worldwide access to carbon
finance for rubber tree plantations through its pilot project
“Promoting sustainable development through natural rub-
ber tree plantations in Guatemala”. The project is planting
2,366 hectares of new rubber tree plantations, which are
managed using the best international sustainability criteria.
This will aid climate change mitigation through an addi-
tional average carbon dioxide sequestration of 1.74 mil-
lion tons during the lifespan of this plantation.
The project was registered under the Voluntary Carbon
Standard (www.v-c-s.org), and is in the process of verifica-
tion to allow the first issue worldwide of carbon offsets
from rubber tree plantations. The carbon offsets will be
traded to Switzerland-based enterprises in sustainable cor-
porate responsibility programmes.
Through sustainable management GAO will ensure the
highest social, environmental and production standards.
Plantations will be free of child labour, and guarantee com-
pliance with local laws and international agreements on
labour and environment, labour security, and employee
training.
Grupo Occidente, parent company of Network Partner Seguros de Occidente and Grupo Agroindustrial Occidente (GAO), is committed to promoting social responsibility, environmental sustainability, and strong corporate management in its investments.
Environmental management will protect natural resources,
water, soil, and biodiversity, and stop rubber plantations
taking over natural forests, by planting deforested areas
or degraded lands. Production management will prevent
over-exploitation, wildfires, and flooding, and promote
stabile growth and productivity.
GAO aims to have the first rubber plantations certified by
the Forest Stewardship Council in the Americas. Its inno-
vations promote social responsibility, diversify the sources
of revenue for rubber plantations, create incentives for
responsible low-risk expansion, and contribute to sustain-
able economic development.
For more information
please visit www.occidente.com.gt or
www.occidente.com.gt/agroindustrial
or contact Ms. Marylin Barascout,
Grupo Agroindustrial Occidente
E-mail: [email protected]
Phone: + 502 2279 94 34
6 I Swiss Life Network Newsletter I March 2011
Partner News I France
Major features of pension reform affecting companies
• Increased statutory retirement age The new social security legal retirement age will rise from
60 to 62 years (for people born after 1955), and from 65
to 67 years for a full social security pension, regardless
of the years of employment.
• Longer contribution period for full pension There will be an increase in the contribution period required
to qualify for a full social security pension, which will grad-
ually rise to 166 quarters by 2020. However, employees
with what are defined as “strenuous” jobs will still be able
to take a full pension earlier. This is not fully defined yet,
with the Government communicating precise details dur-
ing the course of 2011.
• Improved equality between men and women A set of measures will be announced by the French Gov-
ernment in the coming months aimed at reducing cur-
rent inequalities in benefits provision between men and
women.
• Incentives to employ older workers To encourage employers to retain older employees on
their payroll and reduce the costs of early retirement, the
Government has introduced an obligation for every com-
pany to create a career development plan for employees
over 45 to come into effect from January 1, 2012.
Promotion of retirement savings
• Obligation to set up a group pension plan Employers will be obliged to set up a Defined Contribu-
tion group pension plan (Article 83 or PERCO) if there
is already a defined benefit plan (Article 39) for a specific
category of employees in force. The new rules are already
in operation and companies have until December 31, 2012
to comply with them.
• Holiday allocations to group pension plans Employees that do not take their full allocation of paid
holiday in any given year will be given the option to ex-
change up to 5 days per annum into a cash equivalent
which can then be paid as a single contribution into an
Article 83 or PERCO pension plan.
• New tax-advantaged individual contributions Individuals now have the option to make additional con-
tributions, which will have tax advantages, to their Article
83 group defined contribution plan.
• Early payment of lump sums The rules regarding possibilities for early payment of
lump sums under supplementary retirement plans in the
event of financial hardship or on death of a spouse or civil
union partner will be relaxed.
Pension reform requires action by employers
When France’s latest pension reforms were passed in November 2010, attention focused on the raising of the legal age of retirement. However, the reforms will also have a significant effect on retirement savings plans. The changes mean that in future, companies will have to adjust the way they handle not only employee retirement, but also retirement savings.
March 2011 I Swiss Life Network Newsletter I 7
France I Partner News
For more information
please visit www.swisslife.fr
or contact Ms. Anne-Gaëlle Colin, Swiss Life (France)
E-mail: [email protected]
Phone: +33 1 40 82 22 47
Swiss Life pension offer in FranceSwiss Life in France is well-positioned to assist companies
in managing their retirement plans and responding to the
new reforms and can provide all types of retirement schemes
currently available on the market. Swiss Life has:• Vast experience in the management of funded pension plans• A range of tailor-made solutions for large and medium-
sized companies
Mutual funds Individual accounts
Article 39 Article 83PERP/PERE
PERCE
Termination annuities
t tDefined benefit
plansDefined
contribution plans
Annuity
Lump sum
• Expert consultants and dedicated teams for the admin-
istration of pension plans• Guaranteed annuity rates based on the date of affiliation
to the contract • A track-record of award-winning retirement solutions
Glossary• Article 39: Defined benefit plan. Arrangements set up for
a category of personnel for which the company agrees on
an amount of benefit (annuity) paid at the time of retire-
ment if the employee is still part of the workforce.• Article 83: Defined contribution plan. Arrangements put
in place for a category of personnel for which the com-
pany agrees on a contribution rate. An account is opened
in the name of each employee with full vesting from
inception. The savings are then converted into an annuity
at the time of retirement. Since the Act reforming the
pensions, the employee can make individual payments
and gets tax advantages.• PERCO: Plan d’Epargne Retraite Collectif (Collective
Retirement Savings Plan). Optional employee savings plans
where the company matches employee contributions.
Benefits are paid out as a lump sum or as an annuity.• PERP: Plan d’Epargne Retraite Populaire. Individual
contracts, with contributions deductible from taxable
income up to a certain limit. The group version is called
the PERE: Plan Epargne Retraite Entreprise (Company
Retirement Savings Plan).
8 I Swiss Life Network Newsletter I March 2011
Partner News I Hong Kong
Sun Life expands its group business offering through continuous service innovation
To meet its customers’ increasing demands for timely and professional service, Sun Life is launch-ing a new e-service platform for employers and their insured employees. Enhanced medical plans for SMEs are also scheduled to launch in 2011.
New group e-services Sun Life’s new group e-service
platform will offer employers and employees 24/7 access
to updated information on benefits, claims, and network
medical providers.
The new e-service for employers will help them better mon-
itor and administer their plans. The Sun Life eService will
also allow employers to become the primary source of plan
information for employees, offering health information
and privileged top-up benefit offers, with the aim of driving
employee engagement and benefits awareness.
An “on the go” mobile accessible version is also available,
enabling members to use the new e-services whenever and
wherever they wish.
Expanded medical providers network Sun Life has
also expanded its panel provider network to approximately
1,400 medical doctors providing insured members with
greater choice and convenience of access by ensuring a suf-
ficient number of medical providers within various geo-
graphic districts.
March 2011 I Swiss Life Network Newsletter I 9
For more information
please visit www.sunlife.com.hk
or contact Ms. Vivian Leung, Sun Life Hong Kong Limited
E-mail: [email protected]
Phone: +852 3183 21 72
Hong Kong I Partner News
Swiss Life and Sun Life
Hong Kong Emloyee Benefit ConferenceMay 25, 2011Hong Kong
We are delighted to announce the upcoming Hong Kong event: This half-day event offers multinational
companies and their brokers and consultants valuable in-
sights and information on ways to enhance their employee
benefit plans and solutions around the world, and in par-
ticular in Hong Kong.
This event is organised in kind cooperation with our Net-
work Partner Sun Life Financial.
For more information
please visit www.swisslife-network.com/events
Product revamp – group medical packaged plan for SMEs The majority of Hong Kong’s small and me-
dium enterprises (SMEs) currently do not to offer group
benefits (life and medical) to their employees. This is due
to various reasons, such as a lack of affordably-priced prod-
ucts to fit their requirements.
To address this situation, Sun Life launched a new group
life packaged plan in October 2010, customised to meet
the needs of Hong Kong SMEs. In 2011, Sun Life will also
enhance its group medical packaged plan to meet SMEs’
needs, by providing affordable products with comprehen-
sive coverage and flexible product options.
10 I Swiss Life Network Newsletter I March 2011
Partner News I Luxembourg
HR award for Swiss Life’s group pension solutions
By giving Swiss Life the Best Compensation & Rewards
Solution Award for 2010, human resources (HR) profession-
als in Luxembourg have not only honoured Swiss Life’s per-
formance, but also confirmed the importance of supplemen-
tary pension solutions as a form of extra-legal remuneration.
The success of supplementary pension plans has been rein-
forced both by the recent economic crisis and by the weak-
ening of statutory retirement systems. The former has
forced HR managers with tighter budgets to look for more
efficient means of remuneration; the latter has increased
demand for supplementary 2nd pillar pension solutions.
Swiss Life is once again ahead of the game among pension
solution providers. The jury, composed exclusively of HR
managers, highlighted the numerous information, deci-
sion-making and management support tools provided by
Swiss Life. These included pension surveys, the launch of
The Luxembourg HR community has paid tribute to the quality of Swiss Life’s pension solutions by presenting it with the Best Compensation & Rewards Solution Award.
a website for HR managers, and the development of a
benchmark for supplementary pension plans in the Grand
Duchy.
Once again, Swiss Life has confirmed its position as a lead-
ing group pension insurer in the Luxembourg market.
For more information
please visit www.swisslife.lu
or contact Mr. Pierre Dubru, Swiss Life (Luxembourg)
E-mail: [email protected]
Phone: +352 423 95 92 11
From left to right: Laurence Nicolet, Jean-Paul André-Dumont, Pierre Dubru and Steve Goedert proudly present their achievement.
March 2011 I Swiss Life Network Newsletter I 11
South Africa I Partner News
Momentum merges with Metropolitan to form MMI Holdings
The name refers to the combination of well-established
and well-respected operating brands – Metropolitan and
Momentum – which will continue to be used at a client-fac-
ing business level, with MMI the investor brand. Momentum
accounts for 59.3 % of the ZAR 30 billion embedded value
(estimated economic worth) of the business, and Metro-
politan 40.7 %.
Momentum and Metropolitan operate in different mar-
kets, with Momentum’s key area of focus the upper-income
market segment, and Metropolitan focusing predomi-
nantly on the low to middle-income markets.
With the listing of MMI Holdings on the Johannesburg Stock Exchange on December 1, 2010, the merger between Swiss Life Network Partner Momentum and Metropolitan became official. The new company is a major insurer in South Africa with strong prospects and a world of opportunity.
Significant value should be realised for clients, staff, share-
holders and other stakeholders as a result of the merger:
• the combination of Momentum and Metropolitan will
expand the merged entity’s target markets and create a
leading competitive, insurance-based financial services
group with businesses in life insurance, healthcare
administration, asset management, short-term insurance
and employee benefits, both locally and elsewhere in
Africa;• the merged entity will benefit from enhanced growth
opportunities, revenue synergies and economies of
scale;• cross-selling of insurance-based financial products and
loyalty programmes into the large combined retail and
group client bases of Momentum and Metropolitan;• capital efficiencies through the further diversification
of risks as part of an ongoing capital management pro-
gramme;• with its enlarged footprint the merged entity will be well
positioned to expand its activities outside South Africa;
and• the merged entity will have a material black empower-
ment shareholding.
Etienne de Waal, CEO of Momentum’s employee benefits
division, has been appointed CEO of the merged employee
benefits business.
Etienne de Waal, CEO at MMI’s employee benefits division
For more information
please visit www.momentum.co.za
or contact Mr. Nazeem Khan, Momentum
E-mail: [email protected]
Phone: +27 11 485 75 58
Pension benefits in Russia
According to Rosgosstrakh, only around 5 % of multina-
tional companies and large local companies in Russia pro-
vide pension benefits to their employees. This figure has
increased significantly from less than 1 % some three to
four years ago. Although a few multinational companies
postponed pension plan development in 2008–2009 due
to the economical crisis, market participants reported a
steady interest in corporate pension schemes and growth
is expected to rise sharply in future.
The challenges One of the major challenges facing
Russia revolves around demographics. In 2009, Russia’s
population was estimated at 141.9 million. The state sta-
tistics organisation Goskomstat estimates the number of
pensioners in 2010 to be over 38 million, or 27 % of the
population. Today almost 12.9 % of the population is older
than 65 years, while the international average is 7 %. There
are less than two working people per one retiree in Russia
today, down from 5/1 in 1990, and 8/1 from the USSR time.
Should this trend continue there will only be one working
person per two retirees by 2050.
Another challenge is the level of pension contribution by
the state. State pensions in Russia today provide an average
of 26 % of salary on retirement, compared with 60 % to 70 %
in Western Europe. The figure in Russia is expected to drop
to 10 % by 2020.
Network partner Rosgosstrakh, the largest insurance company in Russia, considers the development of the pension insurance market one of the top priority issues for today.
Rosgosstrakh promotes pensions Rosgosstrakh
understands the importance of pension planning for the
Russian population in general, and for companies keen to
attract and retain highly qualified employees in particular.
To meet its clients’ demands in this area, the Rosgosstrakh
Group introduced three pension solutions for domestic
and international clients in Russia. New services became
available when the RGS Non-State Pension Fund joined
Rosgosstrakh Group.
• Transfer of mandatory social security contributions from
the government-operated fund to the Rosgosstrakh
Group (RGS) pension fund• Participation in the state co-financed pension programme• Complementary savings plan with guaranteed return
Transfer of mandatory social security contribu-tions All employees in Russia are required to contribute
to a pension fund. The maximum contribution to the fund-
ed part is 6 % but capped at RUR 27,780 per year.
Up to 2002, mandatory contributions were only allowed
to be placed in the state administered fund. In 2009, the
return on this state fund was officially less than 1 %, while
the return from private funds was between 8 % and 14 %.
It is now possible for employees to choose either to continue
contributing to the state fund, or to contribute instead to
a private fund to handle their mandatory savings. The Ros-
gosstrakh Group pension fund offers an important alter-
native to the state fund, and employers are encouraged to
explain this option to their staff. Employers play a key role
in spreading awareness and providing the opportunities
to their staff as well.
Partner News I Russia
12 I Swiss Life Network Newsletter I March 2011
March 2011 I Swiss Life Network Newsletter I 13
Russia I Partner News
For more information
please visit www.rgs.ru
or contact Mr. Sergei Smirnov
or Ms. Olga Trubach, Rosgosstrakh-Life
E-mail: [email protected], [email protected]
Phone: +7 495 783 2424
Over 90 years of excellenceRosgosstrakh (RGS), established over 90 years ago, is
now a major insurance player in the Russian market. With
over 25 million private and 250,000 corporate clients,
3,000 regional offices, 400 claims centres and 60,000 pro-
fessional staff, Rosgosstrakh offers over 50 different types
of high-quality insurance products for individuals and
businesses.
Winner of two top awardsRosgosstrakh won two awards at the Russia’s National
Company of the Year event in 2010. With history of over a
decade, the awards were established by the RBC Group, a
major media organisation in Russia, to recognise the most
successful companies in the Russian market.
Rosgosstrakh was honoured once again with the title:
Insurance Company of the Year 2010, which it last won in
2005. The company was also the first ever recipient of a
new award category established by Microsoft to honour
“A high degree of responsibility towards customers and
quality of service”.
Participation in the state co-financed pension pro-gramme Together with the mandatory premium con-
tribution to the pension fund, benefits can be increased
through additional contributions made by the employer,
employee, or both. The state annually co-finances addi-
tional pension contributions in the amount equal to the
employee contribution with an annual cap. Enrolment in the
state co-financed pension programme is possible only until
October 2013, and the program will run for ten years. How-
ever, the mandatory pension accumulation together with
such participation still does not bring the living standard
of the retiree to a decent level.
“Guaranteed with profits” complementary saving plan This parallel pension solution is not associated
with mandatory pension contributions. The complemen-
tary savings plan is a flexible insurance policy in the form
of a defined contibutions plan that can include additional
riders such as classical life or disability coverage. The re-
turn is guaranteed at 3.5 % and additional returns are
passed on to the insured. The guaranteed return allows for
presenting this pension solution to a Client in the form of
quasi – “defined benefit” plan.
A strong motivator for the move into this type of solution
has come from leading international companies operat-
ing in Russia, particularly in the banking, oil and gas, phar-
maceutical and chemical industries. The major appeal of
these products is that they allow companies to provide an
increased level of benefits to staff, and strengthen loyalty
among key employees.
15 %
10 %
5 %
0 %2009 2008 2007 2006
10.25 %
13.50 %12.70 % 13.10 %
Return on the Rosgosstrakh plan is the best in market over the past four years.
As an additional service, Rosgosstrakh provides employee
presentations and information meetings for company
administrators and staff on the topic of employee benefits.
Most people in Russia are still unaware of the pension
reforms of 2002, and the advantages they offer. Rosgoss-
trakh is using its network to educate employees and corpo-
rate clients about the benefits of investing in a retirement
pension.
14 I Swiss Life Network Newsletter I March 2011
Partner News I Switzerland
Swiss Life Pension Services – expert local and international services for multinational companies
Autonomous pension funds are organised as legal entities,
with a balance sheet, profit and loss statement, and sepa-
rate supervisory authority. As such, they need services rang-
ing from insurance products to administration services,
and from asset management to investment consulting and
actuarial advice.
Independent consultancy services since 2009 It
was to serve this important market that Swiss Life set up an
independent consulting firm, Swiss Life Pension Services
Ltd (SLPS) in 2009, which provides both local and cross-
border services.
Led by Roland Schmid, former CEO of Hewitt Switzerland
(the largest pension consulting and administration pro-
vider in Switzerland), the company now has a team of 22
specialists offering a broad range of local and international
expertise and experience.
In Switzerland, employers can decide (with their employees) to meet the requirements of Swiss pension legislation either using an insurance contract or through an autonomous pension fund. Of the CHF 600 billion in pension assets held in Switzerland, 80 % are currently handled by autonomous pension funds.
• Seven accredited Swiss pension experts (three of whom
also have international consulting experience) support
Swiss pension funds. Alongside meeting all Swiss require-
ments, SLPS has developed a methodology of tailored
benefit benchmarking, taking account of inflation,
expected return on assets and salary increases.• Five international accounting specialists provide pro-
found knowledge of IFRS and US GAAP requirements.
SLPS currently serves over 120 clients with international
accounting services. • Ten administrators deliver commercial services including
book-keeping, collecting employee contributions, prepar-
ing annual accounts, technical administration, opera-
tional management, and preparation and leading of board
of trustees’ meetings.• Four accredited actuaries deliver actuarial and technical
calculations at both individual and pension fund levels.
They also provide information through our Asset and
Liability Management (ALM) services, giving clients a
clear understanding of the structural situation of their
pension fund and how liabilities are developing over time.
Based on this, SLPS assists clients to develop an optimised
asset portfolio.
Roland Schmid, Managing Director at Swiss Life Pension Services Ltd
March 2011 I Swiss Life Network Newsletter I 15
Switzerland I Partner News
For more information
please visit www.slps.ch
or contact Mr. Roland Schmid,
Swiss Life Pension Services Ltd
E-mail: [email protected]
Phone: +41 800 00 25 25
Benefits for international clients and headquarters• SLPS checks the consistency of international account-
ing assumptions, so that companies do not have to rely
solely on the input of local advisors• Local pension fund administration service costs are reduced
through benchmarking and implementing efficiencies• Local risk becomes transparent, with different
approaches to risk reduction available• The SLPS benchmarking methodology enables stream-
lining and cross-border comparisons of benefits for
international companies• As a Swiss company, SLPS is committed to quality and
precision• SLPS consultants are members of the Swiss Chamber of
Pension Actuaries• A systematic advisory process guarantees optimal man-
agement of the autonomous pension fund• The size and experience of the SLPS team ensures
expert delivery of the full range of advisory services
Full range of pension services SLPS services add significant value for international clients and headquarters.
Advisory services and implementation
Strategy Risk management Pension Governance Administration
Examination and safeguarding of
financial equilibrium
IFRS/US GAAP/FERreporting and consolidations
Legal advice/ legal opinions
Communciation concepts
Actuarial reports
Financing of the risks of disability and death
ALM study
Risk analyses and reinsurance concepts
Analysis of pension fund’s risks and risk capacity
Pension governance studies
Analysis of management tasks/responsibilities
Analysis of decision-making processes and organisa-
tional processes
Second opinion studies for companies, pension funds and supervisory authorities
Technical administration
Commercial administration
Foundation acccounting
Case management and prevention
Communication
More details on these services are available on www.slps.ch/slps/en/home/solutions.
16 I Swiss Life Network Newsletter I March 2011
Partner News I USA
Dearborn National® responds to growing need for critical illness cover
Many believe it will not happen to them Cancer.
Heart attack. Stroke. These and other critical illnesses are
issues that no one wants to think about, but are real risks.
For example, every year just under one million Americans
have a heart attack1. In addition, the American Cancer So-
ciety has predicted that almost 1.5 million new cancer cas-
es will be diagnosed in 20102. The good news is that due
to advances in early detection and modern medicine, many
people can recover from a critical illness. Recovery, though,
can be expensive.
Dearborn National has responded to the gaps in traditional medical insurance and new healthcare legislation with a critical illness rider available on its term life insurance policy. Critical illness benefits can help to pay for unplanned medical expenses, or be used however the insured wishes. Benefits are available for eligible employees and their eligible dependents.
High costs of critical illnesses Many Americans un-
derestimate the financial impact a critical illness can have
on their lives. They rely on their group health coverage,
and certainly this usually provides excellent and compre-
hensive medical expense benefits.
However, the out-of-pocket expenses for critical illnesses
can add up when deductibles, co-payments, limits and ex-
cluded items are factored in. While many Americans also
have disability insurance, typically it does not replace an
insured’s total income.
Critical illness coverage for peace of mind Crit-
ical Illness coverage helps to address the needs created by
high deductibles and other expense gaps. When critical
illness strikes, full attention should be given to treating it
- not worrying about money or a confusing policy.
Dearborn National’s process is simple. The benefit is a rid-
er to the employer’s group term life insurance. Once the
coverage is in force, if an employee or insured dependent
is diagnosed with a critical illness and provides the required
proof of loss, the benefit is paid out in a single payment.
Proof of expenses is not required.
Matt Reddy, Vice President, National Accounts at Dearborn National
1 American Heart Association. A report from the American Heart Association Statistics Committee and Stroke Subcommittee. Heart Disease and Stroke Statistics 2009 update.
2 American Cancer Society “2010 Cancer Facts and Figures”
March 2011 I Swiss Life Network Newsletter I 17
USA I Partner News
For more information
please visit www.dearbornnational.com
or contact Mr. Matt Reddy, Dearborn National
E-mail: [email protected]
Phone: +1 630 824 60 96
Here are some examples of how the benefit can be used:• Deductibles, co-payments, and out-of-pocket expenses
incurred with medical care• Experimental treatments not covered by insurance
plans• Transportation expenses to and from treatment facilities,
as well as daycare for children or even pets • To supplement income lost due to time away from work• Household bills, utilities, food and everyday expenses• Home modifications, such as expanding doorways and
adding wheelchair ramps or lifts
Critical Illness benefit offers even more: if the covered in-
sured or a covered dependent dies, any remaining portion
of the critical illness benefit will be paid as a death benefit
under the life insurance policy.
The Critical Illness Acceleration Rider is form number FDL1-604CI-1010.Products and services marketed under the Dearborn
National® brand and the star logo are underwritten and/
or provided by Fort Dearborn Life Insurance Company®
(Downers Grove, IL) and certain affiliates. Fort Dearborn
Life Insurance Company offers insurance products in all
states (excluding New York), the District of Columbia,
the United States Virgin Islands, the British Virgin Islands,
Guam and Puerto Rico. The products referenced may not
be available in all states.
Network News
Swiss Life Network welcomes China Life as our new Network partner in China
China Life Insurance Company Limited and the Swiss Life
Network held a signing ceremony in Beijing on December 7,
2010, to mark the official entry of China Life into the Swiss Life
Network. Mr. Lin Dairen, Vice President of China Life, and
Ms. Margrit Schmid, Swiss Life Senior Vice President and
Head of the Swiss Life Network, signed the agreement.
Leading life insurer in China China Life was founded
in the same year as the People’s Republic of China, and was
one of the first insurance companies in China. The com-
pany is the trailblazer of China’s life insurance industry.
After over 50 years of experience and development, China
Life knows China’s life insurance market like no other.
China Life achieved a market share of 45 % of the group
insurance market in the first half of 2009, having grown
from 42 % in the same period in 2008. Corporate annuity
business is also growing.
China Life Insurance Company Limited was listed on the
New York Stock Exchange, the Hong Kong Stock Exchange,
and the Shanghai Stock Exchange on December 17 and 18,
2003, and January 9, 2007, respectively.
Financial strength and brand awareness In 2010,
China Life Insurance (Group) was named as one of the
“Fortune 500” for the eighth consecutive year. Its rank
jumped from 290 in 2003 to 118 in 2010.
For more information
please visit www.chinalife.com.cn
or contact Mr. Cedric Luah, Swiss Life Network
E-mail: [email protected]
Phone: +65 6580 65 61
We are pleased to announce that China Life officially joined the Swiss Life Network on January 1, 2011 to meet the employee benefit needs of multinational corporations in China, and Chinese enterprises investing inside and outside China’s borders.
The total assets of China Life Insurance (Group) account
for nearly half of China’s life insurance industry. On
December 31, 2009, its total assets reached RMB 1,226,257
million, with shareholder equity of RMB 211,072 million.
The company’s solvency ratio was 303.59 %. China Life
Insurance Company Limited is the world’s largest life
insurance company in terms of market capitalisation.
Comprehensive products and services for cus-tomers China Life offers its group customers a full-
range of insurance products, including term insurance,
accidental insurance, health insurance and disability
insurance, as well as pensions, and supports companies,
organisations and government organs in formulating com-
prehensive benefit plans for their employees.
Covering almost all urban and rural areas of China, the
company has the country’s most extensive nationwide dis-
tribution network, comprising over 3,000 customer service
counters, a customer service hotline, website, 777,000
exclusive agents, 12,700 direct sales representatives, and
14,000 financial advisors.
China Life, together with Swiss Life Network, is commit-
ted to the integrity, reliability, and quality of its employee
benefit solutions, and to helping its clients concentrate on
their core businesses and retain their employee talents.
18 I Swiss Life Network Newsletter I March 2011
March 2011 I Swiss Life Network Newsletter I 19
China I Network News
Senior representatives of the Swiss Life Network and China Life at the signing ceremony.
Swiss Life and China Life – Employee Benefit Conference
April 8, 2011Beijing, China
Comprehensive and well-suited Employee Benefit solu-
tion are a key success factor for companies who compete
in the global environment. Swiss Life Network and China
Life invite clients, brokers and consultants to join for
valuable insights and information on the employee benefit
market and solutions for multinational corporations
and their subsidiaries in P. R. China.
For more information
please visit www.swisslife-network.com/events
20 I Swiss Life Network Newsletter I March 2011
Network News
Danica Pension celebrates major Network anniversary
The Swiss Life Network is based on relationships characterised by trust and common goals, and we are proud of our longstanding partnerships with top local insurance providers. We are thus delighted to celebrate the 25th anniversary of Danica Pension joining the Network, and look forward to continuing our successful cooperation with them for many years to come.
25 yearsDanica Pension, Denmark
Danica Pension is one of Denmark’s largest and leading
insurance company by premium income and assets.
Part of the Danske Bank Group, Denmark’s largest finan-
cial services firm, it has over 150 years of experience in the
life and pensions market. The company specialises in pen-
sion and employee benefits schemes, life, disability and
health insurance.
Premium income in 2009 exceeded EUR 2 billion, with to-
tal assets at the end of 2009 of over EUR 35 billion. Danica
Pension’s market share in 2009 was 31 % in terms of total
premium. The company has around 600,000 policyhold-
ers and has been a member of the Swiss Life Network since
1986.
For more information
please visit www.danicapension.dk/english
Since our foundation in 1962, the Swiss Life Network has
established partnerships with more than 50 life insurance
companies, whose average length of membership as part-
ners in the Network is 19 years. Our long-standing alli-
ances with Network partners are essential to the excellent
service we provide to our clients and business partners, on
which the Swiss Life Network’s success depends. We thank
all our Network partners for their loyalty and for the
mutually beneficial business relationships we continue to
enjoy with them.
March 2011 I Swiss Life Network Newsletter I 21
China I Country News
New Social Insurance Law
Five types of coverageThe new Social Insurance Law
sets out the five insurance cov-
erages provided to all Chinese
citizens:• Old age pension• Basic medical• Unemployment• Maternity• Work injury
Participants The law applies to all employers in the PRC
and all to individuals, including city residents, flexibly em-
ployed people, migrant workers and foreigners.
A new Social Insurance Law was passed on October 28, 2010, which consolidates existing social insurance regulations and introduces several new provisions. The new law becomes effective on July 1, 2011.
Portability The new law allows basic pension, basic me-
dial and unemployment coverages to be transferred when
an individual changes job or moves to another province or
city. Premium contribution years in different locations will
be counted cumulatively. This is important, since previ-
ously there were considerable obstacles to transferring and
receiving benefits on moving residence.
The new law also gives enhanced powers to the social se-
curity authority to recover back contributions if employers
do not pay or underpay contributions for their employees.
Foreign nationals Under the new law, foreign nation-
als will also participate in the national pension system. Al-
though earlier regulations included this, many cities did
not have systems that allowed foreigners to participate.
The government has announced that it will be negotiating
social security totalisation agreements with other coun-
tries in order to avoid contributors having to make double
payments.
For more information
please contact Mr. Cedric Luah, Swiss Life
E-mail: [email protected]
Phone: +65 6580 65 61
22 I Swiss Life Network Newsletter I March 2011
Country News I Venezuela
Important legal changes regarding insurance
The new law addresses issues
such as social exclusion in pri-
vate health insurance and the
protection of consumer’s rights.
The law also applies to compa-
nies supplying prepaid medicine
and insurance cooperatives, and puts all insurance com-
panies under greater regulation by the state.
Immediate treatment for emergency cases One key
change in the legislation requires emergency cases in private
clinics to be treated immediately, rather than waiting for
authorisation by the insurance company. According to leg-
islators, this improves social justice, since it is deemed un-
fair for insurance employees without medical training to
be able to decide if a patient arriving at an emergency clinic
can be treated or not.
Inclusion of all illnesses and conditions Pre-existing
or acquired illnesses, such as congenital defects or obesity,
must now be included in hospital, surgery and maternity
insurance contracts. Under the new law, insurers must also
provide legal reasons when rejecting claims requests.
Insurance companies must now also provide plans for re-
tirees, pensions, the elderly, people with disabilities, and
those with physical or mental illnesses.
Extension of obligatory insurance coverage The law
makes it obligatory to extend insurance coverage to em-
ployees earning less than 25 tax units per month – currently
VEF 1,625 (USD 377). One aim of this coverage, known as
the health solidarity plan, is to guarantee continued medical
assistance to patients with chronic illness such as cancer.
With the new Insurance Activity Law that came into effect on July 29, 2010, the government of Venezuela is taking steps to improve the insurance system and increase coverage. Currently, only 12 million of Venezuela’s 24 million people are covered by private health insurance.
State-owned companies The legislation now author-
ises state-owned companies to function like insurance com-
panies, in order to provide medical protection to their em-
ployees and their families.
Greater oversight Under the new law, people who be-
lieve that their rights have been violated can apply to their
community council, which is obliged to investigate and refer
the complaint to the Superintendency of Insurance Activity.
Furthermore, the Superintendency of Insurance Activity
now has access to insurance companies’ information systems
and can levy large fines for non-compliance with the law.
Separation of banking and insurance In response to
a recent insurance company scandal and the 1994 financial
crisis in Venezuela, the new law prohibits financial links
between the insurance and banking sectors. Banks are no
longer allowed to insist that their clients take out insur-
ance with a connected company, or to sell policies at bank
branches.
For more information
please contact Mr. Max Carriazo,
Seguros Comerciales Bolívar
E-mail: [email protected]
Phone: +58 212 905 99 31
March 2011 I Swiss Life Network Newsletter I 23
Country Network Partner Website Contact E-mail Telephone
Argentina Galicia Seguros S.A. www.galiciaseguros.com.ar Ms. Lucía ARMANDO [email protected] +54 11 411 48 12 9
Australia Hannover Life Re of Australasia www.hannoverlifere.com Ms. Kristine NUGENT [email protected] +61 2 925 16 91 1
Austria Wiener Städtische www.wienerstaedtische.at Ms. Monika ARNOLD [email protected] +43 50 350 22 08 7
Belgium Delta Lloyd Life www.deltalloydlife.be Mr. Michel MOREAU [email protected] +32 2 238 89 11
Brazil Icatu Seguros www.icatuseguros.com.br Ms. Vanessa DONKE [email protected] +55 11 347 23 91 6
Canada Great-West Life www.greatwestlife.com Mr. David HENRY [email protected] +1 416 552 58 02
Chile Cruz del Sur www.cruzdelsur.cl Mr. Juan Pablo ACHONDO [email protected] +56 2 461 83 43
China Ping An of China www.pingan.com.cn Mr. Jian Yong WU [email protected] +86 21 386 35 80 1
China Life www.chinalife.com.cn Mr. Yifei YAO [email protected] +86 10 6363 18 92
Colombia Seguros Bolívar www.segurosbolivar.com Ms. Valentina ESTRADA [email protected] +57 1 312 26 00 ext. 7031
Czech Republic Kooperativa www.koop.cz Mr. Tomáš JAKUBEC [email protected] +420 727 743 368
Denmark Danica Pension www.danicapension.dk Mr. Peter MØRCH [email protected] +45 45 13 59 35
PFA Pension www.pfa.dk Ms. Lotte ELSBORG [email protected] +45 391 75 00 0
El Salvador Mapfre La Centro Americana www.lacentro.com Ms. Zuleika TELLO [email protected] +507 378 89 00
Finland Ilmarinen www.ilmarinen.fi Ms. Riitta RÄSÄNEN-RUGEMALIRA [email protected] +358 10 284 26 28
France Swiss Life (France) www.swisslife.fr Ms. Anne-Gaëlle COLIN [email protected] +33 1 408 22 24 7
Germany Swiss Life (Germany) www.swisslife.de Ms. Marion VINTZ [email protected] +49 89 381 09 18 72
Greece Groupama Phoenix www.groupama-phoenix.com Mr. Dimitris KALOUDIS [email protected] +30 210 937 62 44
Guatemala Mapfre Guatemala www.mapfre.com.gt Ms. Zuleika TELLO [email protected] +507 378 89 00
Seguros de Occidente www.occidente.com.gt Mr. Wilber BARRIOS [email protected] +502 22 79 70 00 ext. 9373
Honduras Mapfre Honduras www.mapfre.com.hn Ms. Zuleika TELLO [email protected] +507 378 89 00
Hong Kong Sun Life Hong Kong Limited www.sunlife.com.hk Ms. Vivian LEUNG [email protected] +852 31 83 21 72
Hungary UNION Biztos’tó www.unionbiztosito.hu Ms. Judit SÖRÖS [email protected] +36 1 486 42 48
India Kotak Mahindra Old Mutual Life www.kotaklifeinsurance.com Mr. Sandeep SHRIKHANDE [email protected] +91 22 666 21 59 99
Ireland Irish Life www.irishlife.ie Mr. Damian FADDEN [email protected] +353 1 704 12 72
Italy Apulia previdenza www.apuliaprevidenza.it Ms. Giulia POLI [email protected] +39 02 725 66 73 6
Japan Meiji Yasuda Life www.meijiyasuda.co.jp Mr. Takeshi MISAWA [email protected] +81 3 32 83 92 26
Korea Korea Life www.korealife.com Mr. Chang-Mo KIM [email protected] +82 2 789 79 66
Luxembourg Swiss Life (Luxembourg) www.swisslife.lu Mr. Steve GOEDERT [email protected] +352 423 95 92 33
Malaysia Hong Leong Assurance www.hla.com.my Mr. Chee Kwan FOONG [email protected] +60 3 765 01 35 8
Mexico Seguros Inbursa www.inbursa.com Mr. Jorge NAVARRO [email protected] +52 55 532 50 42 3
Netherlands Zwitserleven www.zwitserleven.nl Mr. Charles ALBERS [email protected] +31 6 134 48 63 4
New Zealand Hannover Life Re of Australasia www.hannoverlifere.com Ms. Kristine NUGENT [email protected] +61 2 925 16 91 1
Nicaragua Mapfre Nicaragua www.mapfre.com.ni Ms. Zuleika TELLO [email protected] +507 378 89 00
Norway Danica Pensjon www.danica.no Ms. Nina FRIVOLD [email protected] +47 85 40 53 98
Vital Forsikring www.vital.no Mr. Tor MYRSETH [email protected] +47 934 07 43 4
Panama Mapfre Panama www.mapfre.com.pa Ms. Zuleika TELLO [email protected] +507 378 89 00
Philippines First Life www.firstlife.com.ph Ms. Ninian CEDO [email protected] +63 2 893 30 24
Poland Compensa Life www.compensazycie.com.pl Mr. Sebastian BOROWSKI [email protected] +48 22 501 63 43
Portugal Groupama Seguros www.groupama.pt Mr. Nuno SILVA [email protected] +351 21 792 32 40
Russia Rosgosstrakh www.rgs.ru Ms. Olga TRUBACH [email protected] +7 495 783 24 24
Singapore NTUC Income www.income.com.sg Ms. Sharon LOH [email protected] +65 686 67 25 1
Slovakia Kooperativa www.koop.sk Mr. Štefan PAL’OV [email protected] +421 2 572 995 95
South Africa Momentum www.momentum.co.za Mr. Nazeem KHAN [email protected] +27 11 485 75 58
Spain VidaCaixa www.vidacaixaprevisionsocial.com Ms. Ana DELGADO [email protected] +34 93 227 89 57
Sweden Danica Pension www.danica.se Mr. Tomas OLOFSSON [email protected] +46 752 48 04 06
Switzerland Helsana www.helsana.ch Mr. Michael SOFKA [email protected] +41 43 340 64 30
Swiss Life (Head Office) www.swisslife.ch Mr. Martin DAENIKER [email protected] +41 43 284 61 49
Taiwan Kuo Hua Life www.khltw.com Mr. Hunter HSU [email protected] +886 2 555 19 78 8
Thailand Bangkok Life Assurance www.bla.co.th Mr. Taweesak DEJPRASIT [email protected] +662 777 8888 ext. 8441
United Kingdom Bupa International www.bupa-intl.com Ms. Jette HOLTEN [email protected] +45 33 15 30 99
Unum www.unum.co.uk Mr. Colin FITZGERALD [email protected] +44 1306 873 04 7
USA Dearborn National www.dearbornnational.com Mr. Matthew REDDY [email protected] +1 630 824 60 96
Venezuela Seguros Comerciales Bolívar www.segurosbolivar.com Mr. Claudio HERNANDEZ [email protected] +58 212 905 97 56
Network partners and branch offices
Swiss Life Network
General-Guisan-Quai 40
P.O. Box, 8022 Zurich
Switzerland
T +41 43 284 37 97
F +41 43 284 39 97
www.swisslife-network.com