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Annual Report 2006Swiss Life (Luxembourg) S.A.
Preview on 11 May
Bruno Pfister, CEO International and Chairman of the Board of Directors of Swiss Life in Luxembourg, Patrick Schols, CEO of Swiss Life in Luxembourg and Rolf Dörig, Group CEO
Patrick Schols
Exhibition
Presentation of the exhibition by its curator, Christian Mosar
About Life - The ages of Life
To celebrate over 20 year in Luxembourg, Swiss Life chose to invite four of Luxembourg’s young photographers to express their craft on the theme of life. This corporate sponsorship gave rise to an exhibition entitled “About Life - The ages of life”.
On Thursday 11 May 2006, Rolf Dörig, Swiss Life’s Group Chief Executive Officer, Bruno Pfister, Swiss Life Group’s Chief Executive Officer International, Victor Rod, Director of the Commissariat aux Assurances and Patrick Schols, Chief Executive Officer of Swiss Life in Luxembourg met with the CEOs and Swiss Life partners in the prestigious venue of the Musée d’Histoire de la Ville de Luxembourg.
The setting for this mysterious invitation was the exhibition “About Life - The ages of life”, conceived so as to appear between the 20th anniversary of Swiss Life in Luxembourg and the 150th anniversary of the Swiss Life Group. Coordinated by Christian Mosar, independent art critic, this initiative required almost a year of collaboration with four of Luxembourg’s young photographers: Jeanine Unsen, Natacha Wagner, Véronique Kolber and Patrick Galbats. “They have developed very different arguments to our own about what could be called the ‘common denominator’ of this collaboration. Our day-to-day professional activity and the setting up of such an
exhibition also have in common the choice of daring gesture and initiative” Patrick Schols explained, in front of an audience of partners and large account-holding clients at the preview.
In total, four evening events were organised surrounding this exhibition. The day after the prestigious 11 May, with its dinner cocktail which was accompanied, on the terrace, by a group of gipsy jazz musicians, Swiss Life in Luxembourg took part in the museum’s official opening. Upon this occasion Patrick Schols offered the City of Luxembourg four works from the exhibition. They will join the museum’s permanent collection, which Mr Paul Helminger, Mayor of the City of Luxembourg, officially welcomed. On 16, then 18 May, a second series of group customers and partners, and the employees of the Luxembourg entity gathered respectively in the venue, so as to enjoy a private exhibition visit in the presence of the artists.
3 000 clients and affiliates of local group plans were invited by post to come and savour the work of the four artists. They mixed with museum visitors, and were presented with a souvenir, a specially published exhibition brochure. The partners and group customers who weren’t able to come were not left on the sidelines of the festivities. They received, by post, a gift illustrating the venture: an art book of 64 pages, grouping the complete artistic contributions, which was also given to the guests of the various evening events. “The choice of this project allowed us to include in one way or another all of our customers and partners, no matter their profile or location”, explains Patrick Schols.
The exhibition was open to the public during almost eight weeks; it’s exceptional press coverage undeniably ensured its success. “To collaborate with young artists and a cultural institution, to publish an art book, was a challenge in direct relation with the very history of our company, nevertheless a great source of pleasure. We are delighted, once more, to have strayed from the beaten track.”
T h E A G E S O f L I f EMusée d’histoire de la Ville de Luxembourg 12 May - 25 June 2006
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . About Life - The ages of Life
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2
Contents
5 Editorial
7 Executive bodies of Swiss Life (Luxembourg) S.A., a Luxembourg Insurance Company
9 Management report for the financial year 2006
to the Annual General Meeting of 7 June 2007
9 Events at the Company
11 Comments on the financial year 2006
14 Acknowledgements
16 Independent Auditor’s Report
18 Annual accounts
18 Balance sheets as at 31 December 2006 and 2005
20 Profit and loss accounts for the years ended 31 December 2006 and 2005
22 Notes to the accounts as at 31 December 2006
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Contents
4
Exhibition
Editorial
In 2004 and in 2005, Swiss Life in Luxembourg doubled its turnover. At the end of the year 2006 we showed a growth of 75% which is a great source of satisfaction. We owe this increase essentially to the take-off of products linked to dedicated funds in international individual insurance. Our strategy to diversify products, as well as distribution channels and markets, has shown to be beneficial. On 1 January 2006, Belgian legislation unfavourable to life insurance came into force, but this has not been able to tarnish our record.We are also satisfied in group insurance, where we have maintained our leadership on the local market, while our activity in international group insurance has been enhanced by the strengthening of collaboration within the Swiss Life Network.
More than ever, our ambition remains to be the partner of choice in pensions and long-term savings. It means that the quality of our service is always at the forefront of our thoughts and actions. This is necessary to guarantee complete customer satisfaction.
With this in mind, in 2006, we initiated various initiatives which will be completed over the course of 2007. Thus, we have prepared for the move of our teams and the geographical reorganisation of the departments, made possible by the refurbishment of the last unoccupied level
of the building. We are hoping that this new working environment will enable not only a better quality of welcome for our partners and customers, but that it will also aid in increasing work productivity and improving the well-being of our staff. We are aware that the success of our company is directly linked to the commitment and professionalism of our teams. We have therefore continued to highlight the development of the competences of our personnel and have begun its reinforcement. We will continue to do so in 2007 with a more intensive phase of recruitment.Amongst other projects aimed at ensuring the quality of our services, and for which we have laid the foundations in 2006, we can also cite the renewal of our computer stock, the setting up of a security policy, and the development of a business continuity plan.In terms of efficiency, they add to the continued automation work of our processes. All these efforts have borne fruit and we can congratulate ourselves on the significant lowering of the costs/premiums ratio.
As for the coming months, they will see a sophistication and personalisation of our individual insurance products aimed at affluent customers, as well as the strengthening of our collaboration initiated in 2006 with Swiss Life in Liechtenstein. Finally, we are awaiting important developments in group insurance in the near future.
With the same strategic axes of growth, efficiency and leadership defined by the Group, we are therefore beginning the year 2007 with confidence and optimism.
Patrick Schols
Chief Executive Officer March 2007
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Editorial
6
Speech of Bruno Pfister, CEO International and Chairman of the Board of Swiss Life in Luxembourg, during the preview on 11 May
Ambition
Pensions leadership.
Mission
We are committed to helping people create a financially
secure future. For life.
Values
Expertise We offer first-class solutions for pensions and
long-term savings. This expertise
is based on our proven professional competence and
many years of experience.
Proximity We foster close relationships with our
customers and partners and endeavour to understand
their needs. This proximity enables us to provide
optimum solutions tailored to their requirements.
Openness We nurture open and direct dialogue both
within and outside of our organisation.
This approach builds trust in the work we do.
Clarity We communicate clearly and offer products and
services that are comprehensible. This clarity gives our
customers and partners a sense of security.
Commitment We work with commitment
and enthusiasm to help our customers, staff and
shareholders achieve their goals. This commitment
forms the basis of long-term partnerships,
and enables us to meet our social responsibilities.
Executive bodies of Swiss Life (Luxembourg) S.A., a Luxembourg Insurance Company
The Board of Directors
Bruno Pfister (since 29 March 2006) Member of the Corporate Executive Board of Swiss Life Holding, Chief Executive Officer International
Chairman
Johan Bertrands (until 29 March 2006) Chief Executive Officer, Swiss Life (Belgium), Brussels Chairman
Margrit Schmid Senior Vice President, Swiss Life Insurance and Pension Company, Zurich
Member of the Board
Patrick Schols Chief Executive Officer, Swiss Life (Luxembourg) S.A. Member of the Board
Paulina Casal (until 29 March 2006) Senior Vice President, Swiss Life Insurance and Pension Company, Zurich Member of the Board
Management
Patrick ScholsChief Executive Officer
Hocine BerraneDirector IT & Organisation
Pierre DubruDirector Local Market
Peter Jeurissen Business Development Director
Raphaël WarlandTechnical & Financial Director
Auditors
The Annual General Meeting of 1 June 2006 appointed PricewaterhouseCoopers S.à r.l., Luxembourg as auditors for
one year.
Hocine Berrane Pierre Dubru Patrick Schols Raphaël Warland Peter Jeurissen
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Executive bodies of Swiss Life (Luxembourg) S.A., a Luxembourg Insurance Company
Anne Brasseur, Échevin de la Ville de Luxembourg, during the opening on 12 May
Exhibition
The Dub El Swing band during the preview on 11 May
Boris fuge, Musée d’Histoire de la Ville de Luxembourg, during the opening on 12 May
Events at the Company
In 2006, the exceptional progression of Swiss Life in
Luxembourg cannot be denied. Turnover amounted to
534.869 million euros, which is a rise of 75% compared
with 2005. This growth is all the more remarkable because
it follows a doubling in premium income over each of the
two previous years. As for profits, they amounted to
1.907 million euros. The downturn in relation to the
preceding financial year can be explained notably by the
smaller realised gains, a rise in claims and an increase in
costs, due to investments to support future growth.
On the Luxembourg market, premium volume continued
to progress in 2006, with a rise of 32.6% compared with the
previous year. Swiss Life’s position as leader in the sector
of group insurance has thus been reconfirmed and the
company benefits from the recognition of professionals in
human resources. This recognition, moreover, took shape
once again through winning the HR One Best Pension
Solution Award for the fourth consecutive year.
But it’s on the international market that Swiss Life in
Luxembourg has recorded the greatest advancement.
Group insurance is indeed a contributing factor, but it
is principally its individual insurance products aimed at
affluent customers which realised a significant growth.
It is little surprise that turnover decreased, however, on the
Belgian market following the entry into force, on 1 January
2006, of the new tax on life insurance contract premiums.
At the end of 2005, this measure generated a brief craze for
life insurance contracts which was followed by a reticence
to invest in this type of product over 2006. Nevertheless,
the pursuit of diversification as much in distribution
channels as in products on offer, as well as the important
development of other markets such as the French and
Italian markets, have shown to be profitable and have
enabled the company to counter the consequences of the
new Belgian taxation on turnover by compensating the
regression in products linked to internal collective funds
and external funds. The excellent progress in international
individual insurance can be explained by the substantial
growth of dedicated funds, for which premiums
have practically tripled. This take-off resulted from a
willingness to develop partnerships capable of attracting a
clientele of high net worth individuals. This is the case, for
example, in France, where many collaboration agreements
have been set up with various private banks.
The company also confirms its interest in the segment of
affluent customers.
The ambitious growth objectives continue to be supported
by an efficiency improvement strategy. In 2006,
Swiss Life in Luxembourg thus pursued the simplification
and the optimisation of its operational processes. Based
on the proven methodology of Lean Six Sigma, measures
have been studied to facilitate the follow-up and closure
processes in assurfinance activities and the company
has continued its automation of the administration of
group insurance contracts. Reflecting more deeply on the
constant improvement of quality, Swiss Life has planned
the creation of an Internal Control & Quality Management
position and the reinforcement of its Organisation section.
The first stones were laid at the end of 2006, and resources
dedicated to these activities will be fully operational
during the first semester of 2007.
The presence of Swiss Life in Luxembourg has yet again
been strengthened thanks to the employment of new
collaborators to support the existing teams. Growth
in terms of human resources will continue in 2007 but
the company also hopes to consolidate its management
policy of the competences of the personnel already in
place. The strategy has also been implemented in human
capital management tools through the definition of
clear objectives, the evaluation of competences and the
identification of supporting development measures.
Swiss Life reaffirms the importance of these tools so that
personnel are loyal to the aims of the company.
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Management report for the financial year 2006 to the Annual General Meeting of 7 June 2007
Swiss Life is fully aware of the direct link between the quality of the service offered and the commitment of its collaborators, and has once again evaluated the aforementioned during its Commitment Survey, organised annually within the Group. In Luxembourg, the commitment of collaborators has been maintained at a high level, encouraging the pursuit of our efforts to guarantee an optimal working environment. Results of the survey identified new routes for improvement and concrete measures to be taken which should enable, we hope, the continued improvement of satisfaction and motivation of everybody.
Let’s add that Swiss Life in Luxembourg has continued to highlight visibility on the local market. The company was involved in the “Gala HR One” by offering a healthy break to participants through relaxation sessions. Its presence at the “Dynamic Day” show enabled it, in other respects, to make new contacts in the context of group insurance. Finally, the company had hoped “to mark the occasion” in 2006, a transitional year considering the 20 years of the presence of Swiss Life on Grand Ducal territory and the 150 years of the Group. For this event, it challenged four young Luxembourg photographers on the theme of life. At the end of spring, the works of the four artists were exhibited in the Musée d’Histoire de la Ville de Luxembourg under the title “About Life - The ages of life”. We propose you to dip into this theme and exhibition over these pages.
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Management report for the financial year 2006 to the Annual General Meeting of 7 June 2007
78 153 305 535
2003 2004 2005 2006
600
500
400
300
200
100
0
6
33
66 102
168160
Luxembourg
Belgium
France
Italy
Other EEA countries
Countries outside the EEA
Comments on the financial year 2006
1. General considerations
Swiss Life (Luxembourg) S.A. closed the year 2006 with a
profit of 1.907 million euros. The downturn of almost 40%
compared with the previous year (3.176 million euros) is
essentially due to:
- a rise in death and disability claims leading to a lowering
in results on risk;
- a diminution in the financial results compared to 2005,
which benefited from important realised gains;
- a drop in the cost result, resulting from contained rises
in operating costs and for which the technical margins
on new production, again chiefly generated at the
year-end, will emerge fully from 2007.
The rise in premium income for group insurance was
exceptional. This resulted from the contribution of
substantial single premiums and enabled the company to
further strengthen its leadership within the sector.
The explosion in turnover (whose progress attained
85%) continued in individual insurance, thanks to the
rapid development of unit-linked products, and more
particularly of dedicated funds distributed on the French
and Italian markets.
2. Insurance operations
Turnover rose to 534.869 million euros, which is an
increase of 75% compared with 2005. This growth is even
more remarkable as it follows a doubling in turnover over
the last two years in a row.
The following charts illustrate the growth in premiums
over the last four financial years together with the
breakdown of premiums by country.
Total premium income
Evolution in EUR million
Distribution of premiums by country in 2006
Distribution in EUR million
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Management report for the financial year 2006 to the Annual General Meeting of 7 June 2007
Individual Group Total
2005 2006
232 429 73 106 305 535
600
500
400
300
200
100
0
Products with a guaranteed rate
Investment risk borne by policyholder
116
298
20042003 2005 2006
184
331
401
356
836
371
0
125
250
375
500
625
750
875
1 000
1 125
1 250
1 375
Products with a guaranteed rate
Investmentrisk borne by policyholder
Total
2005 2006
64 65 241 470 305 535
600
500
400
300
200
100
0
The growth in premiums from 2005 to 2006 according to
the type of product is illustrated in the following charts,
and discussed below.
Movements in individual/group premium income
Evolution in EUR million
Movements in premiums - Type of product
Evolution in EUR million
In 2006, premium income on products with technical rates
guaranteed by the insurer remained stable (+1%) compared
with 2005.
Thanks to the still positive context of financial markets,
on the other hand, an overall growth of 95% for products
whose investment risk is borne by the policyholder can be
observed. All sectors are concerned and it breaks down as
follows:
- increase of 105% in collective insurance;
- increase of 94% in individual insurance: the decline
of 46% for products linked to collective internal funds
and external funds, following the introduction of the
unfavourable taxation in Belgium, weighs less heavily due
to the explosion of dedicated funds for which premium
income, which grew by 184%, attained 372.044 million
euros.
Total technical provisions
Evolution in EUR million
On 31 December 2006, technical provisions for contracts
with a guaranteed rate were up to 371.526 million euros,
which was an increase of 4% compared with the previous
financial year.
As for contracts whose investment risk is borne by the
policyholder, technical provisions rose by 108% to
835.929 million euros.
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Management report for the financial year 2006 to the Annual General Meeting of 7 June 2007
Thus, the technical provisions of the company now reach
an overall sum of 1.207 billion euros.
Finally, benefits paid settled down a little, from
82.574 million euros in 2005 to 81.749 million euros
in 2006.
The rise in claims mentioned above is notably illustrated
as benefits paid in the case of death; thus, total death lump
sums and pensions rose to 4.914 million euros, against
1.865 million euros in 2005.
3. Financial income
Net investment income came to 17.062 million euros
against 19.988 million euros in 2005; the financial year
2005 benefited from capital gains realised on the sale of
bonds for an amount of 1.989 million euros.
4. Profit for the year and proposed allocation
For the year under review, the company realised a profit
after tax of EUR 1 907 254.
Taking into account the balance brought forward from
2005 of EUR 615 353, the balance available to the Annual
General Meeting is EUR 2 522 607.
We propose to allocate this balance as follows:
Allocation to legal reserve: e 95 363
Allocation to free reserve: e 1 521 631
Allocation to unavailable reserve
for tax purposes (*): e 872 493
Unavailable reserve brought forward
for tax purposes (**): (e 921 631)
Dividend to be paid to shareholders: e 800 000
Balance carried forward: e 154 751
(*) in accordance with article 174 bis of the Income Tax Law allowing wealth tax to be charged to its own base.
(**) clawback of due past allocation to unavailable reserve for tax purposes, i.e., the allocation to unavailable reserve for the year 2000 (unavailable reserve retained for 5 tax years following the year in which the request to set up the reserve was made) and transfer to the free reserve.
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Management report for the financial year 2006 to the Annual General Meeting of 7 June 2007
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Management report for the financial year 2006 to the Annual General Meeting of 7 June 2007
Acknowledgements
We would like to thank our clients for their unwavering
trust.
Our thanks also go to our partners, loyal ambassadors
of our company, as well as our colleagues at Swiss Life in
France, Swiss Life in Belgium, Swiss Life in Liechtenstein
and Banca del Gottardo, for their invaluable collaboration.
Finally, we would like to thank our staff. Through their
enthusiasm and commitment, they strengthen the success
of our company on a daily basis.
The Board of Directors
Luxembourg, 22 March 2007
Speech of Victor Rod, Director of the Commissariat aux Assurances, during the preview on 11 May
Exhibition
Speech of Anne Brasseur, Échevin de la Ville de Luxembourg, during the opening on 12 May
Independent Auditor’s Report
To the Shareholders of Swiss Life (Luxembourg) S.A.
Report on the annual accounts
Following our appointment by the General Meeting of the Shareholders dated 1 June 2006, we have audited the
accompanying annual accounts of Swiss Life (Luxembourg) S.A., which comprise the balance sheet as at 31 December 2006,
and the profit and loss account for the year then ended, and a summary of significant accounting policies and other
explanatory notes.
Board of Directors’ responsibility for the annual accounts
The Board of Directors is responsible for the preparation and fair presentation of these annual accounts in accordance
with Luxembourg legal and regulatory requirements relating to the preparation of the annual accounts. This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation
of annual accounts that are free from material misstatement, whether due to fraud or error; selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our audit in
accordance with International Standards on Auditing as adopted by the “Institut des Réviseurs d’Entreprises”. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether
the annual accounts are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual
accounts. The procedures selected depend on the Auditor’s judgment, including the assessment of the risks of material
misstatement of the annual accounts, whether due to fraud or error. In making those risk assessments, the Auditor
considers internal control relevant to the entity’s preparation and fair presentation of the annual accounts in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the Board of Directors, as well as evaluating the overall presentation of the annual accounts. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Management report for the financial year 2006 to the Annual General Meeting of 7 June 2007
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Management report for the financial year 2006 to the Annual General Meeting of 7 June 2007
Opinion
In our opinion, these annual accounts give a true and fair view of the financial position of Swiss Life (Luxembourg) S.A. as
of 31 December 2006, and of the results of its operations for the year then ended in accordance with Luxembourg legal and
regulatory requirements relating to the preparation of the annual accounts.
Report on other legal and regulatory requirements
The management report, which is the responsibility of the Board of Directors, is in accordance with the annual accounts.
PricewaterhouseCoopers S.à r.l. Luxembourg, 24 April 2007
Réviseur d’entreprises
Represented by
Mervyn R. Martins
Balance sheets as at 31 December 2006 and 2005(expressed in euros)
Assets Notes 2006 2005
Subscribed capital unpaid 10 7 436 806 7 436 806
Intangible assets 3(b), 4 59 381 42 661
Investments
Investments in affiliated undertakings and participating interests 3(d), 5 99 526 99 526
Other financial investments 3(e), 6
- Shares and other variable yield transferable securities and units in unit trusts 3(f) 6 596 214 3 539 580
- Debt securities and other fixed income transferable securities 3(g) 369 375 509 360 148 733
- Other loans 7 155 392 205 241
- Deposits with credit institutions 0 1 109 086
376 226 641 365 102 166
Investments for the benefit of life insurance policyholders who bear the investment risk 3(h) 835 929 404 401 166 224
Reinsurer’ share of technical provisions
Life insurance provision 509 881 443 001
Debtors 3(i), 8
Debtors arising out of direct insurance operations
- Policyholders 5 086 487 5 613 843
- Intermediaries 430 261 2 019
Debtors arising out of reinsurance operations
- due on claims 2 380 771 778 739
- other debtors 43 890 692 716
Other debtors 1 535 891 1 459 125
9 477 300 8 546 442
Other assets
Tangible assets and stocks 3(c) 166 456 191 788
Cash at bank and in hand 19 777 643 17 833 083
19 944 099 18 024 871
Prepayments and accrued income
Accrued interest and rent 8 589 938 8 473 650
Deferred acquisition costs 3(j), 9 4 335 975 3 803 403
Other prepayments and accrued income 491 844 81 873
13 417 757 12 358 926Total assets 1 263 001 269 813 121 097
The accompanying notes form an integral part of these financial statements.
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Balance sheets as at 31 December 2006 and 2005
Balance sheets as at 31 December 2006 and 2005(expressed in euros)
Liabilities Notes 2006 2005
Capital and reserves 10
Subscribed capital 15 000 000 15 000 000
Reserves
- Legal reserve 11 522 865 364 066
- Other reserves 6 446 548 4 636 236
Loss brought forward 615 353 408 485
Profit for the financial year 1 907 254 3 175 979
24 492 020 23 584 766
Subordinated liabilities
Subordinated loan 8 6 500 000 6 500 000
Technical provisions 3(k), 12
Provision for unearned premiums 667 282 683 378
Life insurance provision 357 931 131 342 600 666
Claims outstanding 8 925 307 3 932 610
Provision for bonuses and rebates 4 002 394 8 660 055
371 526 114 355 876 709
Technical provisions for life insurance policies where the investment risk is borne by the policyholders 3(k), 12 835 929 404 401 166 224
Provisions for other risks and charges 3(l)
Provisions for taxation 3 443 380 2 571 799
3 443 380 2 571 799
Deposits received from reinsurers 509 881 443 001
Creditors 3(m), 8, 13
Creditors arising out of direct insurance operations 8 955 129 11 088 388
Creditors arising out of reinsurance operations
- Payable reassigned premiums 7 712 051 6 669 961
Other creditors, including tax and social security 2 878 430 2 169 032
19 545 610 19 927 381
Accruals and deferred income 3(n) 1 054 860 3 051 217
Total liabilities 1 263 001 269 813 121 097
The accompanying notes form an integral part of these financial statements.
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Balance sheets as at 31 December 2006 and 2005
Profit and loss accounts for the years ended 31 December 2006 and 2005(expressed in euros)
Notes 2006 2005
Technical account - Life insurance business 14
Earned premium, net of reinsurance
Gross premiums written 15 534 868 553 305 331 972
Outward reinsurance premiums -7 842 722 -6 324 243
Change in the provision for unearned premiums,net of reinsurance 18 801 64 479
527 044 632 299 072 208
Investment income
Income from other investments
- Income from other investments 19 104 314 18 862 300
Gains on the realisation of investments 2 584 218 4 365 020
21 688 532 23 227 320
Unrealised gains on investments 3(h) 20 280 917 18 934 647
Other technical income, net of reinsurance 1 436 906 973 925
Claims incurred, net of reinsurance
Claims paid
- Gross amount -82 175 740 -82 932 773
- Reinsurers’ share 2 380 771 778 739
Changes in provisions for claims
- Gross amount -5 010 796 -66 729
-84 805 765 -82 220 763
Changes in other technical provisions, net of reinsurance
Life insurance provision
- Gross amount -455 685 971 -234 436 811
- Reinsurers’ share 66 880 81 562
-455 619 091 -234 355 249
Bonuses and rebates, net of resinsurance 2 188 388 -5 878 064
Net operating expenses
Acquisition costs 16 -5 909 006 -6 160 219
Changes in deferred acquisition costs 533 913 1 766 024
Administrative expenses 3(o), 17, 18, 19 -5 542 018 -4 658 154
Reinsurance commissions and profit participation 24 492 692 716
-10 892 619 -8 359 633
Investment charges
Investment management charges, including interest -2 710 133 -2 500 353
Value adjustments on investments -47 752 -11 732
Losses on the realisation of investments -1 612 503 -512 135
-4 370 388 -3 024 220
Unrealised losses on investments 3(h) -9 232 150 -3 399 160
Other technical charges, net of reinsurance -137 472 -31 393
Allocated investment return transferred to the non-technical account -430 518 -583 321
Balance on the technical account - life insurance business 2 774 596 4 356 297
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Profit and loss accounts for the years ended 31 December 2006 and 2005
Profit and loss accounts for the years ended 31 December 2006 and 2005(expressed in euros)
Notes 2006 2005
Non-technical account
Balance on the technical account - life insurance business 2 774 596 4 356 297
Allocated investment return transferred from the life insurance technical account 430 518 583 321
Tax on profit or loss on ordinary activities -1 260 223 -1 757 281
Profit on ordinary activities after tax 1 944 891 3 182 337
Other taxes, not shown under the preceding items -37 637 -6 358
Profit for the financial year 1 907 254 3 175 979
The accompanying notes form an integral part of these financial statements.
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Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Profit and loss accounts for the years ended 31 December 2006 and 2005
Notes to the accounts as at 31 December 2006
1. GeneralSwiss Life (Luxembourg) S.A. (“the company”) is an
insurance company incorporated in the Grand Duchy
of Luxembourg on 27 March 1985, as a limited liability
company (société anonyme). The objects of the company are
to engage in any insurance and reinsurance business in the
“life” branch, both in the Grand Duchy of Luxembourg
and abroad, on its own behalf and on behalf of third
parties, as follows:
(a) Insurance operations
- in case of death
- in case of life, with or without reinsurance
- combined
- regarding complementary covers providing
non-indemnity benefits in the event of sickness or
accident, in particular in the event of disability.
(b) Capitalisation operations
(c) Management of collective pension funds, and more
generally, any financial, asset and real estate transactions
directly connected with the objects above.
The company may also acquire any interests and
shareholdings in any other companies or insurance
companies which are liable to further the company’s
business, and more particularly by establishing special
purpose companies, investments, mergers, subscribing
for and purchasing shares, bonds and other securities,
purchasing interests in companies and by any partnership
or other agreements of any kind whatsoever.
2. Presentation of the financial statementsThese financial statements have been prepared in
conformity with the law of 8 December 1994 on financial
statements with respect to insurance and reinsurance
undertakings, and with the significant accounting policies
generally accepted within the insurance industry in the
Grand Duchy of Luxembourg.
The accounting policies and the valuation rules apart from
those defined by the law or the Commissariat aux Assurances
are determined and applied by the Board of Directors.
The company is, in accordance with Luxembourg law,
exempt from the requirement to prepare consolidated
financial statements and a consolidated directors’ report
for the year ended 31 December 2006. Therefore, in
conformity with legal provisions, these accounts were
presented on a non consolidated basis for approval by the
shareholders at the Annual General Meeting.
3. Summary of significant accounting policiesThe significant accounting policies applied by the
company are as follows:
(a) Translation of items expressed in foreign currencies
The assets and liabilities expressed in foreign currencies are
translated into euros (€) at the exchange rates prevailing
at the balance sheet date.
Transactions during the accounting period, expressed
in foreign currencies are translated into euros (€) at the
exchange rates prevailing at the balance sheet date.
(b) Intangible assets
The intangible assets are valued at historical acquisition
cost.
Intangible assets are amortised on a straight line basis at
33.33% p.a. on setup costs, 16.67% to 50% p.a. on software
and 10% on goodwill.
22
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Notes to the accounts as at 31 December 2006
(c) Land and buildings - Tangible fixed assets
Land and buildings and tangible assets, are valued at
historical acquisition cost. The acquisition cost includes
expenses incidental to the purchase.
Buildings and tangible assets with limited useful economic
lives are amortised on a straight line basis at the following
rates:
Plant 10% - 25.0%Electrical equipment 20% - 33.3%Machinery 20% - 33.3%Office furniture 10% - 33.3%
(d) Shares in affiliated undertakings and participating
interest
Affiliated undertakings are considered to be the
undertakings between which the company or the parent
company exercises a dominant influence either directly or
indirectly. Participating interests refer to rights contained
in the capital of other undertakings which, when creating
a durable link with those undertakings, are intended to
contribute to the company’s activities.
Shares in affiliated undertakings and participating
interests are valued at historical acquisition cost which
includes expenses incidental to the purchase.
If the impairment in value is of a permanent nature,
the shares in affiliated undertakings and participating
interests are valued at the lower of cost or market at the
balance sheet date.
These value adjustments should no longer continue when
the reasons for which they were made cease to apply.
(e) Other financial investments
Other financial investments are valued at historical
acquisition cost which includes incidental purchase
expenses.
If the directors expect the impairment in value to be
permanent in nature, the other financial investments are
valued at the lower value at the balance sheet date. These
value adjustments may not be carried when the reasons for
which they were made cease to apply.
(f) Shares and other variable yield transferable securities
and units in unit trusts
Shares and other variable yield transferable securities and
units in unit trusts are valued at the lower of historical
acquisition cost and realisable value. The acquisition cost
includes expenses incidental to the purchase. The value
adjustments which correspond to the difference between
the realisable value and the acquisition cost are maintained
even if the reasons for which they were made cease to apply.
(g) Debt securities and other fixed income transferable
securities
Debt securities and other fixed income securities are
valued at historical acquisition cost, or redemption value,
taking into account the following elements:
- a positive difference between the acquisition cost and
redemption value is written off in instalments over the
duration of the holding of the security;
- a negative difference between the acquisition cost and
redemption value is released to income in instalments
over the period remaining to repayment.
(h) Investments for the benefit of life insurance
policyholders who bear the investment risk
Investments for the benefit of life insurance policyholders
who bear the investment risk are valued at the market
value at the balance sheet date and any difference between
this value and the acquisition cost is disclosed in the
technical account for life insurance in the unrealised gains
or losses on investments line items.
The market value shall refer to that value quoted on an
exchange or the value at which the investment could be
sold, valued prudently and in good faith.
23
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Notes to the accounts as at 31 December 2006
(i) Debtors
Debtors are valued at the lower of their nominal and
their probable realisable value. Value adjustments shall be
made when recoverability is questionable, either in part or
entirely. These value adjustments shall no longer be carried
when the reasons for which they were made cease to apply.
(j) Deferred acquisition costs
Deferred acquisition costs directly related to life
insurance contracts, disclosed as an asset, are based on the
calculation of the life insurance provision.
(k) Technical provisions
Sufficient technical provisions are set up in order that the
company can meet, as far as can be reasonably foreseen,
any liabilities arising from insurance contracts.
Provision for unearned premiums
Written premiums include all the amounts received or
receivable with respect to insurance contracts concluded
prior to the end of the accounting period.
That part of written premiums which is to be allocated
to one or more subsequent financial years is deferred by
way of the provision for unearned premiums, computed
separately for each contract on a prorata basis.
Life insurance provision
The life insurance provision, which consists of the
actuarial value of the company’s liabilities net future
premiums, is calculated separately for each contract.
The technical basis and methods applied for computing
the balance sheets’ life insurance provision are specified
in the annual actuarial report communicated to the
supervisory authority.
Provision for claims outstanding
The provision for claims outstanding corresponds to the
total estimated cost (including claims settlement costs) for
settling all claims arising from events which have occurred
up to the end of the financial year.
The provision for claims outstanding is computed
separately for each claim.
Provision for bonuses and rebates
This provision consists of amounts intended for
policyholders or contract beneficiaries to the extent that
such amounts represent an allocation of surplus or profit
arising on business, or a partial refund of premium made
based on the performance of the contracts.
Technical provisions for life insurance contracts where the
investment risk is borne by the policyholders
This item shall comprise technical provisions set up to
cover liabilities relating to investments in the context
of life insurance contracts whose value or return is
determined by reference to an index or to investments for
which the policyholder bears the risk.
(l) Provisions for other risks and charges
Provisions for other risks and charges are intended to
cover losses or debts whose nature is clearly defined but
are, at the balance sheet date, either likely or certain to be
incurred but amounts are indeterminable.
The liabilities for the employees’ pension fund are
included under the technical provisions item.
(m) Creditors
Creditors are included in liabilities at settlement value.
If the amount payable is greater than the amount received,
the difference is charged at the date when the debt is
recognised.
If the amount payable is lower than the amount received,
the difference is released to income in instalments over the
remaining period of the contract.
(n) Accruals and deferred income
This item consists of both income receivable before the
balance sheet date but relating to a subsequent financial
year and charges that relate to the current financial year
but payable in a subsequent financial year.
24
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Notes to the accounts as at 31 December 2006
3. Summary of significant accounting policies (continued)
4. Intangible assetsThe movements in intangible assets incurred during the financial year may be summarised as follows:
Capital Formation increase expenses costs Software Goodwill Total
€ € € € €
Gross book value 01/01/2006 13 898 143 244 252 486 128 905 538 533
Additions during the year 0 0 58 278 0 58 278
Disposals during the year 0 0 (14 458) 0 (14 458)
Gross book value 31/12/2006 13 898 143 244 296 306 128 905 582 353
Accumulated depreciation 01/01/2006 (13 898) (143 244) (209 825) (128 905) (495 872)
Depreciation during the year 0 0 (27 100) 0 (27 100)
Accumulated depreciation 31/12/2006 (13 898) (143 244) (236 925) (128 905) (522 972)
Net book value 31/12/2006 0 0 59 381 0 59 381
Net book value 31/12/2005 0 0 42 661 0 42 661
5. Shares in affiliated undertakings and participating interestsThe movements during the financial year in respect of shares in affiliated undertakings and participating interests are as
follows:
Participating interest
€
Gross book value 01/01/2006 99 526
Additions during the year 0
Disposals during the year 0
Gross book value 31/12/2006 99 526
Gross book value 01/01/2006 0
Depreciation 0
Depreciation adjustments relating to prior years 0
Accumulated depreciation 31/12/2006 0
Net book value 31/12/2006 99 526
Net book value 31/12/2005 99 526
Actual value 31/12/2006 229 525
(o) Administrative expenses
Administrative expenses specifically consist of costs arising
from premium collection, portfolio administration,
handling of bonuses and rebates and inward and outward
reinsurance. In particular they include staff costs and
depreciation provisions in respect of office furniture and
equipment in so far as these need not be shown under
acquisition costs, claims incurred or investment charges.
(p) Value adjustments
Value adjustments are deducted directly from the related
individual asset.
25
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Notes to the accounts as at 31 December 2006
5. Shares in affiliated undertakings and participating interests (continued)
The actual value of shares in affiliated undertakings
and participating interests has been determined by the
following methods:
- Transferable securities which are admitted to official
listing on a stock exchange or dealt in on another
regulated market are valued on the basis of the last
available price.
- Transferable securities not admitted to official listing on
a stock exchange or not dealt in on another regulated
market and transferable securities admitted to official
listing on a stock exchange or dealt in on another
regulated market for which the last available price is not
representative are valued on the basis of their reasonably
foreseeable sales price determined with prudence and
good faith by the Board of Directors.
The undertakings in which the company holds twenty per
cent or more of the capital are the following:
- Esofac International S.A., of Résidence Val Fleuri II -
37, rue Michel Engels, Luxembourg, in which the
company has a holding of 30%.
- SLGB Management S.A. of 23, avenue de la Porte Neuve,
Luxembourg, in which the company has a holding
of 24%.
6. Other financial investmentsThe current value of the items “Shares and other variable
yield transferable securities” and “Debt securities and
other fixed income transferable securities” as at
31 December 2006, was 8 412 001 euros and
371 534 295 euros respectively.
The actual value of the investment portfolio has been
determined by the following methods:
- Transferable securities which are admitted to official
listing on a stock exchange or dealt in on another
regulated market are valued on the basis of the last
available price.
- Transferable securities not admitted to official listing on
a stock exchange or not dealt in on another regulated
market and transferable securities admitted to official
listing on a stock exchange or dealt in on another
regulated market for which the last available price is not
representative are valued on the basis of their reasonably
foreseeable sales price determined with prudence and
good faith by the Board of Directors.
The depreciation of the positive and negative differences
between the acquisition cost and the redemption value
(agio/disagio) in the financial year 2006 stands at
1 685 721 euros and 900 721 euros respectively.
The net balance for depreciation as at 31 December 2006,
stands at 13 345 745 euros.
7. Other loansOther loans are secured on contracts taken out by the
borrowers.
26
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Notes to the accounts as at 31 December 2006
8. Amounts owed by or to affiliated undertakings or undertakings with which the company is linked by virtue of a participating interest
The items may be broken down as follows:
Undertakings Affiliated linked by virtue undertakings of participating interest
€ €
Debtors
Debtors arising out of reinsurance operations 2 405 263 0
Creditors
Creditors arising out of reinsurance operations 7 429 169 0
Debenture loans
- of which subordinated loans 6 500 000
Other creditors 885 500 0
9. Deferred acquisition costsThe movements in deferred acquisition costs during the financial year can be summarised as follows:
€
Net acquisition costs, opening balance 3 803 403
Conversion differences (net) (1 341)
Net difference in additions/depreciation during the year 533 913
Net acquisition costs, closing balance 4 335 975
10. Capital and reservesThe movements during the financial year in respect of capital and reserves may be broken down as follows:
Subscribed Legal Other Profit brought Profit for capital reserve reserves forward the year
€ € € € €
As at 31/12/2005 15 000 000 364 066 4 636 236 408 485 3 175 979
Allocation of result 2005 0 158 799 1 810 312 206 868 (3 175 979)
Movements during financial year 2006 0 0 0 0 1 907 254
As at 31/12/2006 15 000 000 522 865 6 446 548 615 353 1 907 254
As at 31 December 2006, the subscribed capital amounting to 15 000 000 euros, is represented by 15 000 shares with no
nominal value; the paid up capital is 7 563 194 euros.
27
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Notes to the accounts as at 31 December 2006
11. Legal reserveThe company must allocate 5% of its net profit for each financial year in order to comply with Luxembourg company
law requirements. This allocation ceases to be compulsory once the legal reserve balance reaches 10% of the issued share
capital.
The legal reserve is not available for distribution to shareholders, except upon the dissolution of the company.
12. Technical provisions
Provision for Provision Provision unearned Life insurance for claims for Technical premiums provision outstanding bonuses provisions* Total € € € € € €
Closing balance 31/12/2005 683 378 342 600 666 3 932 610 8 660 055 401 166 224 757 042 933Conversion difference 2 704 (3 338 262) (18 099) (3 795) (2 254 055) (5 611 507)Opening balance 01/01/2006 686 082 339 262 404 3 914 511 8 656 260 398 912 169 751 431 426Movements during year 2006 (18 800) 18 668 727 5 010 796 (4 653 866) 437 017 235 456 024 092Closing balance 31/12/2006 667 282 357 931 131 8 925 307 4 002 394 835 929 404 1 207 455 518
* relating to life insurance where investment risks are borne by the policyholder.
13. Classification of loans according to durationAll loans have a duration of less than one year.
14. Results from the life insurance businessThe principal results of the life insurance business may be broken down as follows:
2006 Life insurance €
Individual premiums 429 405 817Premiums under group contracts 105 462 736Periodic premiums 108 270 922Single premiums 426 597 631Premiums for non-bonus contracts 1 389 934Premiums for bonus contracts 63 093 805Premiums from contracts where the investment risks are borne by the policyholders 470 384 814Reinsurance balance (5 370 579)
28
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Notes to the accounts as at 31 December 2006
15. Geographical breakdown of premiums written
Gross direct insurance premiums amounting to
534 868 553 euros, may be broken down into geographic
zones according to where the contracts have been
concluded:
2006 Life insurance €
Contracts concluded in the Grand Duchy of Luxembourg 65 916 686Contracts concluded in other countries of the EEA 435 480 869Contracts concluded in other countries outside the EEA 33 470 998
16. Commissions Commissions paid to insurance intermediaries relating to
direct insurance amount to 3 521 675 euros
(2005: 4 153 630 euros), and is included in the acquisition
costs item.
17. Personnel employed during the yearThe average number of persons employed during the
financial year 2006 amount to 59, and may be broken
down in the following categories:
Category Number of personsManagement 5Executives 27Salaried employees 26Waged employees 1
The personnel costs with respect to the financial year may be
broken down as follows:
€
Wages and salaries 3 953 940Social security costs 363 550- of which pensions 256 616
18. Remuneration granted to members of the Board of Directors and to Management
Directors’ fees or other remuneration to members of the
Board of Directors amount to 99 500 euros including
employer charges.
Remuneration granted to the company’s Management
amount to 852 134 euros including employer charges.
19. Fees of the independent auditorThe fees of the independent auditor in relation to the audit
of the annual accounts, the inssuance of the special report
and the reporting to the parent company amount in 2006 to
99 500 euros (2005: 54 000 euros).
20. Off balance sheet commitmentsAt 31 December 2006, the company has entered into
commitments as follows:
€
Leasing of hardware 53 094Leasing of vehicles 247 589Leasing of telephone equipment 10 330Lease agreement 2 622 891
29
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Notes to the accounts as at 31 December 2006
21. Collective pension fundsAssets €
Investments Other financial investments - Shares and other variable yield transferable securities
and units in unit trusts 10 524 413- Debt securities and other fixed income transferable securities 17 292 474Debtors - Debtors arising out of direct insurance operations 0Other assets - Cash at bank and in hand 1 737 664Prepayments and accrued income - Accrued interest and rent 197 938- Other prepayments and accrued income 0 29 752 489
Liabilities €
Technical provisions Technical provisions for life insurance contracts where the investment risk is borne by the policyholders 29 752 489
29 752 489
22. Information concerning taxSwiss Life (Luxembourg) S.A. is subject to the income tax
(impôt sur le revenu) and net wealth tax (impôt sur la fortune) in
force in the Grand Duchy of Luxembourg.
23. Information concerning consolidated companies
Swiss Life (Luxembourg) S.A. is included in the consolidated
financial statements prepared by Swiss Life Holding, a
société anonyme under Swiss law, whose registered office is
at CH-8022 Zurich, General-Guisan-Quai 40 (Switzerland),
being the largest group of companies to which the company
belongs as a subsidiary.
The consolidated accounts are available from the head office
of Swiss Life (Luxembourg) S.A.
30
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Notes to the accounts as at 31 December 2006
31
Véronique Kolber
Portrait memoirs
The photographed family of Véronique Kolber
Voluntarily and systematically reproducing
a feeling of intimacy in photography is certainly a difficult
exercise - because it is so revealing - but it is nevertheless
a powerful communication technique. Hence, the
photographic eye of Véronique Kolber breaks all distances
and frontiers between public and private life.
The artist has mainly based this relational work on
self-portraits and on the portraits of her relatives.
Her work finds its roots in family albums.
Here, photography recovers its unique ability to produce a
snapshot, which - from an ontological viewpoint -
is already just an expression of the past. Photography
becomes the fixed expression of the notion of a souvenir.
A memory extracted from the daily life, which takes on an
extraordinary dimension in the primary sense of the term,
through its qualities of tenderness and closeness; this is
what is perfectly identifiable in the photographic creation
of Véronique Kolber.
33
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Photographers
34Patrick Galbats
Documentation of a small world
The portraits of Julie by Patrick Galbats
Pink and red are the most important colours in Julie’s
small world. An apartment, a garden and proximity to
the city are the limits of her universe. In this environment
Patrick Galbats made a series of portraits of a little girl,
which document the limited and unlimited environment
of childhood. This “session behind closed doors” takes
place in only a few rooms only but strongly and directly
reveals what a child’s imaginary world is about.
In this series of shots Patrick Galbats has managed to
link - in an astonishing way - his documentary process to
recurring formal qualities, like the subtle use of colour
as a bridge between images. Each portrait is different
and unique but the different fragments of identity are all
interlinked by the colourful world of little Julie.
Without pretence and with a sometimes-disarming
honesty, Patrick Galbats shows us a world of childhood
remote from the traditionally idealised pictures normally
depicting this very peculiar age in life.
35
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Photographers
36Natacha Wagner
Me, me and me…
The geography of self-portrait by Natacha Wagner
Who am I?
How does this reflected image - or this image fixed upon a
medium - get closer to or further from the definition of my
own identity?
Natacha Wagner answers these questions by shooting
apparently misleading images. What seems to be a
snapshot is actually based on intuitive previsualisation.
Her photographs are therefore quite far from being
haphazardly shot; they are part of a very peculiar way of
finding oneself in the image of one’s body but also in the
image of one’s environment. The street, the flat, the objects
of daily life, all of it is part of the set-up of a self-portrait in
the making.
The notions of image-based autobiography or of a
photographic diary are fundamental for the whole
reflection on the photography of the last 10 years.
This is an approach to photography of which
Natacha Wagner is a discrete follower. She chooses
glimpses of a daily life that she manages to sublimate
through the direct and honest touch of her photographic
eye. Her pictures in a contained colour range tell us of
how the I fits into the daily environment. In muted tones
Natacha Wagner offers a deconstructed image of herself
but also an image that unites after all.
37
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Photographers
38Jeanine Unsen
The fiction of the portrait
Suspended images by Jeanine Unsen
The characters in the photographic staging of Jeanine
Unsen give the impression of being suspended figures,
almost lost in a context that is - apparently - alien to them.
Jeanine Unsen dissociates the notion of the portrait from
the concept of identity. In her pictures, she says nothing
about what is outside the images she has invented.
The whole story is concentrated within the picture frame.
We are not looking at images that supposedly reveal the
psychology of the character in the picture but at a riddle
that links humour, oddity and the decontextualisation of
the subject.
What makes the pictures of Jeanine Unsen so fascinating
is the fact that the location, the position of the main
characters or even the oddity of the costume in the chosen
location deconstruct a reality that is nevertheless still very
palpable through the technical mastering of the images by
the artist.
39
Swiss Life (Luxembourg) S.A. . Annual Report 2006 . Photographers
Bruno Pfister, CEO International and Chairman of the Board of Swiss Life in Luxembourg, during the preview on 11 May
Julie discovering the portraits of “Julie” during the opening on 12 May
Presentation of the exhibition by its curator, Christian Mosar
Design and productionMillenium
CopywritingSwiss Life
Christian Mosar
TranslationEilidh horder
MilleniumSwiss Life
Photographsfront cover: Patrick Galbats
fourth cover page: Jeanine UnsenPage 2: Natacha Wagner
Page 31: Véronique Kolber
Picture creditsInside front cover, pages 8, 15, 40: Swiss Life and Blitz
Page 4: Swiss LifePages 5, 6, 7, 33, 35, 37, 39: Blitz
Swiss Life25, route d’ArlonL-8009 StrassenB.P. 2086L-1020 LuxembourgT +352 42 39 59-1F +352 26 43 40www.swisslife.luSwiss Life (Luxembourg) S.A. - A limited company under Luxembourg law authorised by ministerial order on 2 May 1985 - Trade Register Luxembourg section B no. 22663