Earnings Release • Nov 14, 2024
Earnings Release
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Ad hoc announcement pursuant to Art. 53 LR
Swiss Life Holding AG / Key word(s): 9 Month figures
Swiss Life continues to grow in the first nine months of 2024
14-Nov-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
Zurich, 14 November 2024
Ad hoc announcement pursuant to Art. 53 LR
“In the third quarter of 2024, Swiss Life continued the positive development from the first half of the year. Growth in both the fee and insurance business is broad-based,” says Matthias Aellig, Group CEO of Swiss Life. “With our ‘Swiss Life 2024’ Group-wide programme, we are well on track to achieve or exceed all of the Group’s financial targets and thus also to reach the lower end of the ambitious target range for the fee result. We are in an excellent position to further develop Swiss Life successfully. At the Investor Day on 3 December 2024, we will present our new Group-wide programme for the next three years.”
The Swiss Life Group further expanded its fee business in the first nine months of 2024 and generated fee income totalling CHF 1.88 billion (prior-year period: CHF 1.79 billion). The 6% growth in local currency is due to own and third-party products and services, Swiss Life Asset Managers and owned IFAs. Premiums came to CHF 15.9 billion (prior-year period: CHF 15.5 billion), up 4% in local currency.
In its home market Switzerland , Swiss Life achieved premiums of CHF 8.0 billion, which represents an increase of 1%. The assets under management in the semi-autonomous business amounted to CHF 7.7 billion as at the end of September 2024 (31 December 2023: CHF 7.1 billion). Fee income came to CHF 252 million, an increase of 5% compared to the same period in the previous year. In France , Swiss Life increased premiums by 12% to EUR 5.6 billion. In the life business, premiums rose by 15%, with the share of unit-linked solutions amounting to 67% (prior-year period: 63%). In the fee business, the market unit achieved 16% growth to EUR 416 million. In Germany , premiums amounted to EUR 1.1 billion, an increase of 4%. Fee income increased by 10% to EUR 602 million. In the International market unit, premiums fell by 7% to EUR 1.5 billion. In the fee business, income came to EUR 283 million, a decline of 3%.
Swiss Life Asset Managers generated fee income of CHF 699 million (prior-year period: CHF 664 million). Third-party asset management (TPAM) contributed CHF 436 million to that (+2%). The share of all non-recurring income in the TPAM total income increased significantly to 31% (prior-year period: 14%). Net new assets in the TPAM business were CHF 3.4 billion in the first nine months (prior-year period: CHF 8.4 billion), with assets under management in the TPAM business increasing to CHF 119 billion as at the end of September 2024 (31 December 2023: CHF 112 billion).
Swiss Life generated direct investment income of CHF 3.08 billion in the first nine months of 2024 (prior-year period: CHF 2.99 billion). The non-annualised direct investment yield was 2.2% (prior-year period: 2.1%). Swiss Life estimates its SST ratio to be around 205% as at 30 September 2024. The solvency ratio is thus above the strategic ambition range of 140–190%.
Swiss Life is well on track with its “Swiss Life 2024” Group-wide programme : the targets for both the cumulative cash remittance to the holding company and the share buyback have already been exceeded. Swiss Life still expects to exceed its targets for the return on equity and the dividend payout ratio, and to reach the lower end of the ambitious target range of CHF 850–900 million for the fee result, this being reliant on the continued normalisation of the real estate markets in Germany and France. At its Investor Day on 3 December 2024 , Swiss Life will announce its new Group-wide programme for the next three years with the associated strategic and financial targets.
Telephone conference for analysts and investors
Matthias Aellig, Group CEO, and Marco Gerussi, Group CFO, will hold a telephone conference in English for financial analysts and investors today at 9 a.m. (CET). There is also an audio webcast on the website. All the documents relating to the financial statements are available online at www.swisslife.com .
Dial-in number for Europe: +41 (0) 58 310 50 00
Dial-in number for the UK: +44 (0) 207 107 06 13
Dial-in number for the USA: +1 (1) 631 570 56 13
| Key figures as at 30 September 2024 | ||||
| IFRS basis, unaudited | 9M 2024 | 9M 2023 | Change (in percent) |
Change (in local currency) |
| Total 1 (CHF m) | ||||
| - Gross written premiums, policy fees and deposits received | 15 878 | 15 467 | +3% | +4% |
| - Fee income | 1 877 | 1 790 | +5% | +6% |
| Business units | ||||
| Switzerland (CHF m) | ||||
| - Gross written premiums, policy fees and deposits received | 8 039 | 7 963 | +1% | - |
| - Fee income | 252 | 239 | +5% | - |
| France (EUR m) | ||||
| - Gross written premiums, policy fees and deposits received | 5 644 | 5 060 | +12% | - |
| - Fee income | 416 | 359 | +16% | - |
| Germany (EUR m) | ||||
| - Gross written premiums, policy fees and deposits received | 1 089 | 1 049 | +4% | - |
| - Fee income | 602 | 548 | +10% | - |
| International (EUR m) | ||||
| - Gross written premiums, policy fees and deposits received | 1 492 | 1 604 | -7% | - |
| - Fee income | 283 | 293 | -3% | - |
| Asset Managers (CHF m) | ||||
| - Fee income; of which TPAM |
699 436 |
664 427 |
+5% +2% |
- - |
| - Net new assets TPAM | 3 389 | 8 444 | -60% | - |
| - Assets under management TPAM | 118 601 | 111 791 2 | +6% | - |
| 1 Gross written premiums, policy fees and deposits received: total includes intersegment eliminations of CHF ‑45 million for the first nine months of 2024 and CHF ‑36 million for the first nine months of 2023; fee income: total includes Other segment and intersegment eliminations of CHF ‑322 million for the first nine months of 2024 and CHF ‑286 million for the first nine months of 2023. | ||||
| 2 As at 31 December 2023 |
Information
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@swisslife_group / Swiss Life Group
Further information
All our media releases can be found at swisslife.com/mediareleases
Swiss Life
The Swiss Life Group is one of Europe’s leading comprehensive life and pensions and financial solutions providers. In its core markets of Switzerland, France and Germany, Swiss Life offers individuals and corporations comprehensive and individual advice plus a broad range of own and partner products through its sales force and distribution partners such as brokers and banks.
Swiss Life Select, Tecis, Horbach, Proventus and Chase de Vere advisors choose suitable products for customers from the market according to the Best Select approach. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products.
Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX Swiss Exchange (SLHN). The Swiss Life Group also includes various subsidiaries. The Group employs a workforce of around 10 000 and has at its disposal a distribution network of around 17 000 advisors.
Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements, by their nature, are subject to known and unknown risks, uncertainties and other important factors. These may result in a substantial divergence between the actual results, developments and expectations of Swiss Life and those explicitly or implicitly described in these forward-looking statements. Given these uncertainties, the reader is reminded that these statements are merely projections and should not be overvalued. Neither Swiss Life nor its Members of the Board of Directors, executive managers, managers, employees or external advisors nor any other person associated with Swiss Life or with any other relationship to the company makes any express or implied representation or warranty as to the correctness or completeness of the information contained in this publication. Swiss Life and the abovementioned persons shall not be liable under any circumstances for any direct or indirect loss resulting from the use of this information. Furthermore, Swiss Life undertakes no obligation to publicly update or change any of these forward-looking statements, or to adjust them to reflect new information, future events, developments or similar.
End of Inside Information
| Language: | English |
| Company: | Swiss Life Holding AG |
| General-Guisan-Quai 40 | |
| 8022 Zürich | |
| Switzerland | |
| Phone: | +41432843311 |
| E-mail: | [email protected] |
| Internet: | www.swisslife.com |
| ISIN: | CH0014852781 |
| Valor: | 1485278 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2029645 |
| End of Announcement | EQS News Service |
2029645 14-Nov-2024 CET/CEST
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