Swiss Life will today publish key financial figures for the 2022 annual result and half-year result based on the new IFRS 17 accounting standard and also provide an indication of the profit impact under IFRS 9, which is implemented from 2023.
The adoption of IFRS 17/9 accounting standards will have no impact on the underlying business or the way it is managed. The fee result, capital management, solvency, cash remittance to the holding company and dividend policy are also unaffected. Swiss Life confirms its business strategy and implementation and is well on track to achieve or exceed the Swiss Life 2024 Group financial targets.
IFRS 17: 2022 key financial figures
IFRS 17 will change the presentation of insurance business in the balance sheet and income statement. Swiss Life is therefore publishing relevant key financial figures for the 2022 annual result in accordance with IFRS 17:
- 2022 net profit: CHF 1189 million
- 2022 return on equity: 13.9%
- Shareholders’ equity (31 December 2022): CHF 8.4 billion
- Contractual service margin (31 December 2022): CHF 16.4 billion
A presentation and additional information on the 2022 annual result and half-year result are available on the Swiss Life website at www.swisslife.com.
IFRS 9 as of the 2023 financial year
Swiss Life will introduce the IFRS 9 accounting standard as of the 2023 financial year. If both the IFRS 17 and IFRS 9 standards were applied to the 2022 financial year, the net profit would be CHF 1029 million for the full year and CHF 560 million for the half-year as a result of the negative equity market performance in 2022.
Telephone conference for analysts and investors
Matthias Aellig, Group CFO, will hold a telephone conference in English for financial analysts and investors today at 9 a.m. (CET).
Europe: +41 (0) 58 310 50 00
UK: +44 (0) 207 107 06 13
USA: +1 (1) 631 570 56 13
All the documents relating to the conference call are available along with other information on the Swiss Life website at www.swisslife.com.
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 over 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.