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22.05.2024 07:01:42 - dpa-AFX: EQS-Adhoc: Swiss Life increases fee income by 11% in the first quarter of 2024 (english)
Swiss Life increases fee income by 11% in the first quarter of 2024
Swiss Life Holding AG / Key word(s): Quarter Results
Swiss Life increases fee income by 11% in the first quarter of 2024
22-May-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.
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Zurich, 22 May 2024
Ad hoc announcement pursuant to Art. 53 LR
* Fee income: CHF 639 million (+11% in local currency)
* Premiums: CHF 7.5 billion (+2% in local currency)
* SST ratio as at 31 March 2024: around 210% (1 January 2024: 212%)
"Swiss Life has made a good start to the 2024 financial year," says Matthias
Aellig, Group CEO of Swiss Life. "We achieved a substantial increase in fee
income in the first quarter of 2024. With our 'Swiss Life 2024' programme,
we continue to be well on track to achieve or exceed all the Group's
financial targets by the end of the year. In terms of the fee result, we
expect to reach the lower end of our ambitious target range of CHF 850-900
million by the end of 2024. The developments at Asset Managers give us
confidence in this respect, while the target achievement remains reliant on
the expected normalisation of the real estate markets in Germany and France.
I would like to thank our employees and advisors for their excellent work,
which has contributed to these pleasing results."
The Swiss Life Group further expanded its fee business in the first quarter
of 2024 and generated fee income totalling CHF 639 million (prior-year
period: CHF 595 million). The 11% growth in local currency is mainly due to
the advisory business as well as to own and third-party products and
services. The Group generated premiums of CHF 7.5 billion in the first
quarter, an increase of 2% in local currency.
In its home market of Switzerland, Swiss Life achieved premiums of CHF 4.4
billion, a decline of 1% compared to the same period in the previous year.
The assets under management in the semi-autonomous business amounted to CHF
7.5 billion as at the end of March 2024 (year-end 2023: CHF 7.1 billion). In
the fee business, the market unit generated revenues of CHF 82 million,
which represents an increase of 5%. Swiss Life in France increased premiums
by 9% to EUR 1.8 billion. In the life business, premiums rose by 10%, with
the share of unit-linked solutions remaining significantly above the market
at 65% (prior-year period: 65%). Fee income increased by 19% to EUR 144
million. In Germany, premiums amounted to EUR 402 million, an increase of
4%. Fee income was up 20% to EUR 216 million, mainly due to further growth
in the advisory business. The International market unit posted premiums of
EUR 1054 million, 1% below the first quarter of 2023. In the fee business,
income came to EUR 97 million, a decline of 3%.
At Swiss Life Asset Managers, third-party assets under management (TPAM) at
the end of March 2024 amounted to CHF 117.1 billion (31 December 2023: CHF
111.8 billion). The increase is primarily attributable to positive financial
market developments and positive currency effects. Net new assets in TPAM
business were CHF 0.7 billion in the first quarter of 2024 (prior-year
period: CHF 2.5 billion). Swiss Life Asset Managers generated fee income of
CHF 220 million (prior-year period: CHF 212 million). TPAM business
contributed CHF 137 million (+3%) to this. In addition, TPAM generated net
income from real estate project developments. The share of all non-recurring
income in the TPAM total income increased significantly to 31% (prior-year
period: 7%).
Swiss Life generated direct investment income of CHF 1024 million in the
first quarter of 2024 (prior-year period: CHF 937 million). The
non-annualised direct investment yield was 0.7% (prior-year period: 0.6%).
As communicated previously with the publication of the financial condition
report, the Swiss Life Group reported an SST ratio of 212% as at 1 January
2024 (1 January 2023: 215%). Swiss Life estimates its SST ratio at around
210% as at the end of March 2024. The solvency ratio is thus above the
strategic ambition range of 140-190%.
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
Information
Media Relations
Phone +41 43 284 77 77
media.relations@swisslife.ch
Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch
www.swisslife.com
Follow us on X and LinkedIn
@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.
(IMAGE)
Swiss Life corporate film
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.
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End of Inside Information
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End of Announcement EQS News Service
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1908145 22-May-2024 CET/CEST
Swiss Life Holding AG / Key word(s): Quarter Results
Swiss Life increases fee income by 11% in the first quarter of 2024
22-May-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, 22 May 2024
Ad hoc announcement pursuant to Art. 53 LR
* Fee income: CHF 639 million (+11% in local currency)
* Premiums: CHF 7.5 billion (+2% in local currency)
* Direct investment income: CHF 1024 million (prior-year period: CHF 937
million)
* SST ratio as at 31 March 2024: around 210% (1 January 2024: 212%)
"Swiss Life has made a good start to the 2024 financial year," says Matthias
Aellig, Group CEO of Swiss Life. "We achieved a substantial increase in fee
income in the first quarter of 2024. With our 'Swiss Life 2024' programme,
we continue to be well on track to achieve or exceed all the Group's
financial targets by the end of the year. In terms of the fee result, we
expect to reach the lower end of our ambitious target range of CHF 850-900
million by the end of 2024. The developments at Asset Managers give us
confidence in this respect, while the target achievement remains reliant on
the expected normalisation of the real estate markets in Germany and France.
I would like to thank our employees and advisors for their excellent work,
which has contributed to these pleasing results."
The Swiss Life Group further expanded its fee business in the first quarter
of 2024 and generated fee income totalling CHF 639 million (prior-year
period: CHF 595 million). The 11% growth in local currency is mainly due to
the advisory business as well as to own and third-party products and
services. The Group generated premiums of CHF 7.5 billion in the first
quarter, an increase of 2% in local currency.
In its home market of Switzerland, Swiss Life achieved premiums of CHF 4.4
billion, a decline of 1% compared to the same period in the previous year.
The assets under management in the semi-autonomous business amounted to CHF
7.5 billion as at the end of March 2024 (year-end 2023: CHF 7.1 billion). In
the fee business, the market unit generated revenues of CHF 82 million,
which represents an increase of 5%. Swiss Life in France increased premiums
by 9% to EUR 1.8 billion. In the life business, premiums rose by 10%, with
the share of unit-linked solutions remaining significantly above the market
at 65% (prior-year period: 65%). Fee income increased by 19% to EUR 144
million. In Germany, premiums amounted to EUR 402 million, an increase of
4%. Fee income was up 20% to EUR 216 million, mainly due to further growth
in the advisory business. The International market unit posted premiums of
EUR 1054 million, 1% below the first quarter of 2023. In the fee business,
income came to EUR 97 million, a decline of 3%.
At Swiss Life Asset Managers, third-party assets under management (TPAM) at
the end of March 2024 amounted to CHF 117.1 billion (31 December 2023: CHF
111.8 billion). The increase is primarily attributable to positive financial
market developments and positive currency effects. Net new assets in TPAM
business were CHF 0.7 billion in the first quarter of 2024 (prior-year
period: CHF 2.5 billion). Swiss Life Asset Managers generated fee income of
CHF 220 million (prior-year period: CHF 212 million). TPAM business
contributed CHF 137 million (+3%) to this. In addition, TPAM generated net
income from real estate project developments. The share of all non-recurring
income in the TPAM total income increased significantly to 31% (prior-year
period: 7%).
Swiss Life generated direct investment income of CHF 1024 million in the
first quarter of 2024 (prior-year period: CHF 937 million). The
non-annualised direct investment yield was 0.7% (prior-year period: 0.6%).
As communicated previously with the publication of the financial condition
report, the Swiss Life Group reported an SST ratio of 212% as at 1 January
2024 (1 January 2023: 215%). Swiss Life estimates its SST ratio at around
210% as at the end of March 2024. The solvency ratio is thus above the
strategic ambition range of 140-190%.
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 31 March 2024
IFRS basis, unaudited 3M 3M Change Change
2024 2023 (in (in local
percent) currency)
Total1 (CHF m)
* Gross written premiums, policy fees 7 7 0% +2%
and deposits received 516 532
* Fee income 639 595 +8% +11%
Business units
Switzerland (CHF m)
* Gross written premiums, policy fees 4 4 -1% -
and deposits received 391 416
* Fee income 82 78 +5% -
France (EUR m)
* Gross written premiums, policy fees 1 1 +9% -
and deposits received 849 700
* Fee income 144 122 +19% -
Germany (EUR m)
* Gross written premiums, policy fees 402 386 +4% -
and deposits received
* Fee income 216 180 +20% -
International (EUR m)
* Gross written premiums, policy fees 1 1 -1% -
and deposits received 054 062
* Fee income 97 100 -3% -
Asset Managers (CHF m)
* Fee income; of which TPAM 220 212 +4% +3% - -
137 133
* Net new assets TPAM 691 2 -73% -
539
* Assets under management TPAM 117 111 +5% -
085 7912
1 Gross written premiums, policy fees
and deposits received: total includes
intersegment eliminations of CHF -13
million for the first three months of
2024 and CHF -10 million for the first
three months of 2023; fee income: total
includes Other segment and intersegment
eliminations of CHF -97 million for the
first three months of 2024 and CHF -94
million for the first three months of
2023. 2 As at 31 December 2023
Information
Media Relations
Phone +41 43 284 77 77
media.relations@swisslife.ch
Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch
www.swisslife.com
Follow us on X and LinkedIn
@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.
(IMAGE)
Swiss Life corporate film
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.
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End of Inside Information
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Language: English
Company: Swiss Life Holding AG
General-Guisan-Quai 40
8022 Zürich
Switzerland
Phone: +41432843311
E-mail: investor.rel@swisslife.ch
Internet: www.swisslife.com
ISIN: CH0014852781
Valor: 1485278
Listed: SIX Swiss Exchange
EQS News ID: 1908145
End of Announcement EQS News Service
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1908145 22-May-2024 CET/CEST
