• The SwissLife Group increased premium income by 6% in local currency to CHF14.4billion in the first nine months of 2014 (Q1-Q32013: CHF13.7billion).
  • Fee and commission income climbed 8% Group-wide to CHF890million, with all market units contributing to this performance.
  • Swiss Life Asset Managers posted net new asset inflows of CHF3.2billion in its external customer business over the first three quarters and increased assets under management to CHF31.8billion.
  • Thanks to a robust investment portfolio, SwissLife achieved a non-annualised net investment result of 2.9% (Q1-Q32013: 3.1%).
  • The Group's solvency ratio as at 30September2014 rose by 11percentage points from its half-year2014 level to 254%.

Patrick Frost, Group CEO, comments, "SwissLife was able to continue its first half-year's profitable growth and pleasing business performance into the third quarter of 2014. In the process, SwissLife expanded its market position and, by growing fee and commission income, succeeded in driving forward diversification. The results of the third quarter indicate that we are on track to meet our targets under the Group-wide programme 'SwissLife 2015'."

Sustained positive business development in the third quarter of 2014

Over the first nine months of 2014, SwissLife grew premium income by CHF14.4billion, which corresponds to a 6% rise in local currency terms (Q1-Q32013: CHF13.7billion). A key driver for this positive performance was the home market of Switzerland, where SwissLife registered premium growth of 13% to CHF8.2billion (Q1-Q32013: CHF7.3billion). Both occupational pensions business (+12%) and individual life business (+17%) contributed to this increase. In France Swiss Life reported growth in local currency of 7% to CHF3.6billion (Q1-Q32013: CHF3.4billion). Premium quality in life business was maintained at a high level with unit-linked contracts representing a 54% share of new business. SwissLife in Germany generated premium income in the first three quarters of 2014 of CHF1.1billion. This decline of 5% in local currency, compared to the same period in the previous year, is attributable to rate adjustments and streamlining of the product range. The International market unit recorded premium volume of CHF1.4billion (Q1-Q32013: CHF1.8billion) together with fee and commission income growth of 6%. SwissLife AssetManagers posted net new asset inflows of CHF3.2billion in its external customer business over the first three quarters of the year and increased assets under management for external customers to CHF31.8billion. Overall, SwissLife generated fee and commission income in the first three quarters of 2014 of CHF890million. This 8% rise is attributable to growth within SwissLife AssetManagers, in the independent advisor channels in all market units and in unit-linked insurance in France.

Attractive investment yield and strong group solvency ratio

Thanks to the high quality and resilience of its investment portfolio, SwissLife generated a non-annualised direct investment yield of 2.5% as at 30September2014 (Q1-Q32013: 2.6%). The non-annualised net investment result in the first nine months of 2014 stood at 2.9% (Q1-Q32013: 3.1%). The group solvency ratio as at 30September2014 climbed 11 percentage points from its half-year 2014 level to 254%. Excluding unrealised gains and losses on bonds, the Group's solvency ratio rose to 200% (up 2percentage points on the half-year2014 figure).

Group-wide programme "SwissLife2015" on track

SwissLife made further progress in its Group-wide programme "SwissLife2015". Thanks to its strict cost management, SwissLife had already implemented over 90% of the planned cost-savings measures by 30September2014. Furthermore, the product mix in new business has been maintained at the target level, with an 82% share generated through modern and risk products.

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) 58 310 50 00

Dial-in number for the UK

+44 (0) 203 059 58 62

Dial-in number for the USA

+1 (1) 631 570 56 13

Gross written premiums, policy fees and deposits received

as at 30 September 2014


YTD 2014

YTD 2013




(in local currency)

IFRS basis, unaudited






















Total (1)






Q3 2014

Q3 2013




(in local currency)

IFRS basis, unaudited






















Total (2)






Total contains intersegment eliminations and reinsurance of CHF-48m in Q32014, CHF-67m in Q32013.


Total contains intersegment eliminations and reinsurance of CHF-15m in Q32014, CHF-22m in Q32013.


Media Relations

Phone +41 43 284 77 77


Investor Relations

Phone +41 43 284 52 76



Further information

All our media releases can be found at swisslife.com/mediareleases


Swiss Life in 3 minutes (video)

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 SwissLife 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. SwissLife 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.

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 two subsidiaries Livit and CORPUS SIREO are also part of the Swiss Life Group. The Group employs a workforce of around 7500, with approximately 4500 certified financial advisors.