The Swiss Life Group recorded premium income of CHF12.8billion (+1% in local currency) on 30September2012 and grew in strategically important business areas. The Group achieved an excellent net investment return of 3.8% (not annualised) in the first nine months of the year.
Bruno Pfister, Group CEO, comments, "We are satisfied with our business development in the third quarter of 2012. We again expanded our market position in strategically important business areas such as occupational pensions business in Switzerland and health, death and disability insurance in France."
Business development during the first nine months of 2012
In the first nine months of 2012 the Swiss Life Group generated CHF12.8billion in premium income, which corresponds to a 1% growth in local currency. In the home market of Switzerland, premiums rose over the same period last year (adjusted) by 2% to CHF6.9billion, primarily due to higher periodic premiums in occupational pensions business. In France, premium income fell in local currency by 2% to CHF3.1billion: Health, death and disability insurance performed well and, although life insurance business declined, it still significantly outperformed the French market as a whole. In Germany Swiss Life experienced a 4% fall in premium income in local currency terms to CHF1.1billion. This is largely attributable to a cautious bonus policy in single premium business. Premiums in the Insurance International segment grew by 3% in local currency terms over the first nine months of the year to CHF1.7billion. Despite an ongoing extremely challenging market environment, AWD achieved sales revenue of EUR340.2million in the first three quarters of 2012 (-13%;Q1-Q32011:EUR392.0million).
Excellent investment result, Group solvency stays strong
The net investment result for the insurance portfolio developed very positively despite the persistently low interest rate environment and volatile market conditions. Between January and September 2012 the Group posted a non-annualised net investment return of 3.8% (Q1-Q32011: 2.7%). The Group solvency ratio was 238% on 30September2012 (224% on 30June2012).
Investors' Day on 28 November 2012 – today's telephone conference
The Swiss Life Group will present its new plans for the coming years at its Investors' Day on 28November2012.
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 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 |
Sales performance as at 30 September 2012
YTD 2012 |
YTD 2011 |
Change |
Change |
|
Gross written premiums, policy fees and deposits received in CHF m IFRS basis, unaudited |
||||
Switzerland (1) |
6 893 |
6 786 |
+2% |
+2% |
France |
3 147 |
3 304 |
-5% |
-2% |
Germany |
1139 |
1 215 |
-6% |
-4% |
Insurance |
1 712 |
1 666 |
+3% |
+3% |
Total (2) |
12 827 |
12 862 |
0% |
+1% |
Sales revenues in EUR m IFRS basis, unaudited |
||||
AWD |
340.2 |
392.0 |
|
-13% |
Q3 2012 |
Q3 2011 |
Change |
Change |
|
Gross written premiums, policy fees and deposits received in CHF m IFRS basis, unaudited |
||||
Switzerland (1) |
1 151 |
1 145 |
+1% |
+1% |
France |
1 022 |
986 |
+4% |
0% |
Germany |
333 |
346 |
-4% |
-7% |
Insurance |
490 |
487 |
+1% |
-2% |
Total (3) |
2 978 |
2 962 |
+1% |
-1% |
Sales revenues in EUR m IFRS basis, unaudited |
||||
AWD |
108.1 |
126.5 |
|
-15% |
(1) Q3 2011: impact from change in the premium due dates following the migration to
the new group business administration system (NVS): CHF-108m.
(2): Total contains intersegment eliminations of CHF-65m in YTD 2012, CHF-140m
in YTD 2011 and PPI of CHF1m in YTD 2012, CHF31m in YTD 2011.
(3): Total contains intersegment eliminations of CHF-20m in Q3 2012, CHF-11m
in Q32011, and PPI of CHF0m in Q32012, CHF9m in Q32011.
Contact
Media Relations
Phone +41 43 284 77 77
Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch
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 7500.
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.