• Net profit: CHF 1.11 billion (+8%); adjusted profit from operations: CHF 1.50 billion (+1%)
  • Fee result: CHF 664 million (previous year: CHF 765 million)
  • Return on equity: 13.7% (previous year: 12.1% on a comparable basis) 
  • Cash remittance to the holding company: CHF 1.15 billion (+14%)
  • SST ratio as at 1 January 2024: around 210% (previous year: 215%)
  • The Board of Directors proposes to the Annual General Meeting a dividend of CHF 33.00 per share (previous year: CHF 30.00).
  • “Swiss Life 2024” Group-wide programme well on track
  • Corporate Executive Board: although Markus Leibundgut’s recovery is progressing well, he has nevertheless decided to step down. The Board of Directors has appointed Roman Stein as CEO of Swiss Life Switzerland with immediate effect.

“I am pleased that Swiss Life continued to perform well in 2023: this is particularly evident from the net profit, the return on equity and the cash remittance to the holding company, but also from the solvency ratio, which remains very strong and is significantly above our ambition. However, the fee result declined last year due to a subdued real estate market environment,” says Patrick Frost, Group CEO of Swiss Life. “We are well on track to achieve or exceed all the Group financial targets of our ‘Swiss Life 2024’ programme. We are confident that we will exceed our financial targets in terms of return on equity, cash remittance to the holding company, dividend payout ratio and the share buyback. Achieving the fee result target will be more challenging: we expect to reach the lower end of our ambitious target range of CHF 850–900 million. This is reliant on the expected normalisation of the real estate markets in Germany and France. I would like to thank our employees, whose considerable commitment contributed to this annual result.”

Increase in net profit on a comparable basis, subdued fee business
The Swiss Life Group posted a net profit of CHF 1.11 billion in the 2023 financial year. In the previous year, it amounted to CHF 1.03 billion on a comparable basis. Adjusted profit from operations came to CHF 1.50 billion, compared to CHF 1.48 billion in the previous year on a comparable basis. In order to improve comparability, these prior-year figures and those for the segment results of the divisions are presented in the same way as the current profit figures under IFRS 17 and IFRS 9. Under IFRS 17 and the now discontinued IAS 39 standard, net profit would have been CHF 1.19 billion and profit from operations CHF 1.74 billion in 2022, as stated in the current financial report.

Swiss Life further increased its income from the fee business by 3% in local currency to CHF 2.40 billion. The fee result, on the other hand, fell by 13% in local currency compared to the previous year to CHF 664 million. This is due in particular to a subdued real estate market environment in Germany and France and thus to lower revenues from project developments and real estate transactions in the 2023 financial year.

Direct investment income increased to CHF 3.99 billion (previous year: CHF 3.93 billion), with the direct investment yield standing at 2.8% (previous year: 2.5%). Net investment income amounted to CHF 2.61 billion, which includes negative real estate fair value changes of CHF 1.0 billion net and increased currency hedging costs of CHF 1.1 billion. As a result, the net investment yield fell to 1.8% (previous year: 2.7%).

Premiums in 2023 came to CHF 19.8 billion, an increase of 3% in local currency.

The contractual service margin (CSM), a new balance sheet item reported by Swiss Life in accordance with IFRS 17 that indicates the level of future, as yet unearned profit contributions from existing insurance business, came to CHF 15.4 billion as at 31 December 2023 (previous year: CHF 16.4 billion). In the 2023 financial year, the CSM release to the income statement amounted to CHF 1.28 billion.

Insurance business performs well, Asset Managers affected by challenging environment

In Switzerland, Swiss Life premiums remained stable at CHF 9.94 billion. The assets under management in semi-autonomous business increased to CHF 7.1 billion as at the end of 2023 (previous year: CHF 6.4 billion); this business is largely not reported as premiums. The fee result came to CHF 55 million (previous year: CHF 53 million) and the segment result to CHF 839 million (previous year: CHF 778 million). The cash remittance to the holding company increased by 25% to CHF 565 million as a result of the normalised interest rate environment.

In France, Swiss Life posted premiums of EUR 7.0 billion, an increase of 1%. Premiums in the life business fell by 1%. The share of unit-linked solutions was unchanged at 63% and therefore remains well above the market. The fee result increased by 19% to EUR 161 million and the segment result rose by 2% to EUR 205 million. Based on the previous year’s positive business development, the division contributed EUR 161 million to the cash remittance to the holding company, 19% more than in the previous year.

In Germany, premiums were up 3% to EUR 1.46 billion. The fee result increased by 11% to EUR 115 million and the segment result by 4% to EUR 192 million. The cash remittance of EUR 148 million was almost double that of the previous year (+98%), mainly due to a special dividend from the fee business as well as due to the insurance business.

The International market unit posted a strong increase in premiums to EUR 1.79 billion (previous year: EUR 1.34 billion), thanks to the integration of the acquired elipsLife. The fee result fell by 14% to EUR 72 million and the segment result came to EUR 100 million (-6%). The cash remittance to the holding company amounted to EUR 64 million (previous year: EUR 63 million).

Swiss Life Asset Managers generated a total income of CHF 948 million in 2023. The 17% decline compared to the previous year is due to the sale of a subsidiary in 2022, the write-down on an investment, a subdued real estate market environment and negative currency translation effects. TPAM business contributed CHF 621 million (previous year: CHF 764 million) to income. Net new assets in TPAM business amounted to CHF 9.8 billion, unchanged compared to the previous year. Assets under management in TPAM business came to CHF 112 billion as at the end of 2023 (31 December 2022: CHF 105 billion). The segment result declined to CHF 272 million (previous year: CHF 433 million) due to the above-mentioned effects. The cash remittance to the holding company decreased by 19% to CHF 229 million: the decline is explained by a time lag between income recognition and the subsequent cash remittance related to real estate project developments.

“Swiss Life 2024” well on track
In terms of the “Swiss Life 2024” programme, Swiss Life is well on track to achieve or exceed all of the Group’s financial targets. At 13.7% in 2023 (previous year: 12.1% on a comparable basis), the return on equity was again above the target range of 10–12%; Swiss Life also expects to be above the range in 2024. The cash remittance to the holding company increased by 14% last year to CHF 1.15 billion, meaning the Group’s target of a cumulative cash remittance of CHF 2.8–3 billion is likely to be significantly exceeded. With respect to the dividend payout ratio of over 60%, Swiss Life is also ahead of its programme target. The CHF 1 billion share buyback programme under “Swiss Life 2024” was successfully completed at the end of May 2023, while the additional share buyback programme of CHF 300 million announced on 6 September 2023 will be completed as planned at the end of March 2024. In terms of the fee result, Swiss Life expects to reach the lower end of the CHF 850–900 million target range, this being reliant on the expected normalisation of the real estate markets in Germany and France.

The value of new business increased to CHF 515 million in 2023 (previous year: CHF 497 million). The new business margin rose to 4.0% (previous year: 3.5%) due to the positive interest rate development and an improved volume and business mix.

As at 1 January 2024, the Swiss Life Group had an SST ratio of around 210% (previous year: 215%). The solvency ratio is thus above the strategic ambition range of 140–190%.

Change to the Corporate Executive Board

Markus Leibundgut stepped down from operational business in the summer due to cancer and his recovery is progressing well. However, he has decided that, rather than returning to his previous operational role at Swiss Life, he wishes instead to concentrate on strategic tasks outside Swiss Life in future. Rolf Dörig: “We understand this decision and sincerely wish Markus Leibundgut all the best for the future, both professionally and in terms of his health. The Board of Directors and the Corporate Executive Board would like to thank him for his enormous and very successful commitment to Swiss Life.” Markus Leibundgut joined Swiss Life in 2012 and has been a member of the Corporate Executive Board of the Swiss Life Group since 2014, initially as CEO Germany and since 2017 as CEO Switzerland. Patrick Frost: “Markus Leibundgut has made significant progress with both market units and has led them very successfully. I have always greatly appreciated our extremely constructive cooperation and would like to thank him most sincerely.”

The Board of Directors has appointed Roman Stein, who has been heading up the Swiss division on an interim basis since August 2023, as CEO of Swiss Life Switzerland with immediate effect. Roman Stein joined Swiss Life in 2017 and has since held the role of CFO of the Swiss division. Prior to that, he held management positions at the CSS Group and Zurich Insurance Group for several years. The Board of Directors and the Corporate Executive Board look forward to continuing their close cooperation with him.

Proposals to the Annual General Meeting

At the Annual General Meeting on 15 May 2024, the Board of Directors will propose to the shareholders a dividend of CHF 33.00 per share (previous year: CHF 30.00), which corresponds to a payout ratio of 86%. The dividend will be distributed on 22 May 2024.

All members of the Board of Directors will be put forward for re-election, with the exception of Ueli Dietiker, who will step down from the Board of Directors by reason of age at the next Annual General Meeting on 15 May 2024.

Telephone conference call for analysts, investors and media representatives
Patrick Frost, Group CEO, and Matthias Aellig, Group CFO, will hold a telephone conference in English for financial analysts and investors today at 9 a.m. (CET). It is also possible to participate via audio webcast.

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

At 11 a.m. (CET), Patrick Frost, Group CEO, and Matthias Aellig, Group CFO, will also hold a virtual media conference in German for media representatives. All the documents relating to the financial statements are available online at www.swisslife.com.

Key figures1 as at 31 December 2023



comparable basis

(in percent)

(in local currency)

Total2 (CHF m)





  • Profit from operations, adjusted

1 497

1 495



  • Net profit

1 111

1 029



  • Gross written premiums

19 841

19 604



  • Fee income

2 397

2 370



  • Fee result





  • Cash remittance

1 150

1 009




Business units

Switzerland (CHF m)





  • Gross written premiums

9 942

9 918



  • Fee income





  • Segment result;
    fee result





  • Cash remittance





France (EUR m)





  • Gross written premiums

6 992

6 915



  • Fee income





  • Segment result;
    fee result





  • Cash remittance





Germany (EUR m)





  • Gross written premiums

1 457

 1 412



  • Fee income





  • Segment result;
    fee result





  • Cash remittance





International (EUR m)





  • Gross written premiums

1 791

1 343



  • Fee income





  • Segment result;
    fee result





  • Cash remittance





Asset Managers (CHF m)





  • Total income;
    of which TPAM


1 145



  • Net new assets TPAM

9 807

9 814



  • Assets under management TPAM

111 791

105 379



  • Segment result;





  • Cash remittance





1 Profit from operations, net profit, segment and fee results based on IFRS 17 and IFRS 9; fee income based on IFRS. Under IFRS 17 and the now discontinued IAS 39 standard, profit from operations would have been CHF 1742 million and net profit CHF 1189 million in the 2022 financial year as stated in the financial report.

2 Gross written premiums: total includes intersegment eliminations of CHF -53 million in the 2023 financial year and CHF -42 million in the 2022 financial year; fee income: total includes Other segment and intersegment eliminations of CHF -401 million in the 2023 financial year and CHF -407 million in the 2022 financial year.


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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.

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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.