Swiss Life recorded premium income of CHF 13.0 billion on 30 September 2011 – a decline of 13% in local currency (Q3 2010: CHF 15.8 billion). Premium volume in the home market of Switzerland, on the other hand, rose by 10% to CHF 6.9 billion. On the whole, Swiss Life further improved the quality of its premium income. The Group generated overall investment performance of 5.7% and an attractive net investment result of 2.7% (both not annualised) during the first nine months. By the end of September 2011, Swiss Life had already implemented all the initiatives underlying the cost savings targets for 2012.

Bruno Pfister, Group CEO, "The Swiss Life Group business model is proving its worth even in the current low interest rate environment. Further operational improvements have already enabled us to implement all our cost savings initiatives within the framework of the Group-wide MILESTONE programme – and it is only the end of the third quarter of 2011. We have also succeeded in again improving the quality of our premium income."

Focus on profitability impacts premium volume
In the first nine months of 2011, premium income in the Swiss Life Group fell by 13% in local currency. Overall, premiums were CHF 2.9 billion, representing a decrease of 13% in local currency compared with the third quarter of 2010. This is largely due to the reduced business with high net worth individuals and the focus on higher margins and profitability. Bruno Pfister, "We are not aiming for growth at any price. Nevertheless, we have succeeded in making advances in our key strategic core areas – such as corporate business in Switzerland, health insurance and unit-linked life insurance in France, and occupational disability insurance in Germany. This is very encouraging, especially given the interest rate environment, which remains difficult." Overall the Group has grown in Switzerland with premium income increasing by 10% to CHF 6.9 billion, compared with the same period in the previous year. In France, premium income (currency adjusted) declined by 6% to CHF 3.3 billion. In Germany, premium income stood at CHF 1.2 billion in local currency, 8% down on the same period in the previous year. The Insurance International segment, which represents the global business with high net worth individuals, recorded a 55% drop in premiums to CHF 1.7 billion. This is mainly attributable to the uncertainties in private banking and the extremely strong results in the previous year, which were notably boosted by the effects of the Italian tax amnesty. AWD increased its sales revenues by 1% in the first nine months of 2011 to EUR 392 million and also further improved productivity. It saw good development particularly in Germany, the UK and Switzerland, whereas business in Austria and Eastern Europe did not meet expectations.

All cost savings initiatives now implemented
The cost reduction measures introduced as part of the Group-wide MILESTONE programme made an impact again in the first nine months of 2011. As a consequence of the disciplined cost management, Swiss Life has already implemented all the initiatives underlying its cost savings targets for 2012.

Consistently good investment result and strong improvement in Group solvency
On a non-annualised basis, Swiss Life generated overall investment performance of 5.7% and a net investment result on the insurance portfolio of 2.7% in the first nine months of 2011 (September 2010: 3%). The Group solvency ratio, calculated on the basis of the IFRS balance sheet in accordance with Solvency I, came to 201% on 30 September 2011 (176% on 30 June 2011).

Investors' Day on 30 May 2012 and today’s telephone conference

The Swiss Life Group will hold its Investors' Day on 30 May 2012. Thomas Buess, Group CFO, will hold a telephone conference in English for financial analysts and investors at 10 a.m. (CET) today. Please dial in ten minutes before the conference begins.
Dial-in number for continental Europe +41 (0) 91 610 56 00
Dial-in number for the UK +44 (0) 203 059 58 62
Dial-in number for the USA +1 (1) 866 291 41 66 (toll free)

Media release, incl. tables (PDF)

Swiss Life
The Swiss Life Group is one of Europe's leading providers of life insurance and pension solutions. In Switzerland, France and Germany, the Group offers individuals and corporations comprehensive advice and a broad range of products through its own sales force as well as brokers and banks. Swiss Life provides international corporations with employee benefits solutions from a single source, and is one of the global leaders in structured life and pension products for international high net worth individuals.

The AWD Group has been part of the Swiss Life Group since 2008. Hanover-based AWD is one of the leading European financial services providers in the medium and high-income client segments and offers its clients comprehensive financial advisory services. Germany, the UK, Austria and Switzerland are the AWD Group's core markets.

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 employs a staff of around 8100.
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 are subject to known and unknown risks, uncertainties and other important factors which may result in a substantial divergence between the actual results, financial situation, development, performance or expectations of Swiss Life and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers are cautioned that these statements are only projections and that no undue reliance should be placed on such forward-looking statements. Neither Swiss Life nor any of its directors, officers, employees or advisors nor any other person connected or otherwise associated with Swiss Life makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this publication. Neither Swiss Life nor any of the aforementioned persons shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this information. Furthermore, Swiss Life assumes no responsibility to publicly update or alter its forward-looking statements or to adapt them, whether as a result of new information, future events or developments or any other reason.