• The Swiss Life Group increased its fee income during the first quarter by 3% to CHF332million in local currency.
  • Swiss Life Group posted premium income of CHF6.7 billion, equivalent to a 10% decrease in local currency.
  • Swiss Life Asset Managers achieved net new assets of CHF2.3 billion in its third-party asset management (Q1 2015: CHF1.5 billion) with assets under management increasing to CHF41.6 billion at the end of March 2016 (year-end2015: CHF38.8 billion).
  • Bolstered by its stable direct investment income of CHF1.1 billion (Q12015: CHF1.1 billion), Swiss Life achieved a non-annualised direct yield of 0.7% (Q12015: 0.7%), the net investment yield for the first quarter on a non-annualised basis was also 0.7% (Q12015: 0.9%).
  • Swiss Life expects a net investment yield of at least 3% for the 2016 financial year.

"Swiss Life achieved a good start to its latest strategic programme in the first quarter of 2016," says PatrickFrost, SwissLife GroupCEO. "One of our goals under our new Group-wide programme, SwissLife2018, is to focus even more closely on our fee business and on maintaining our robust direct investment income. The first quarter shows us that we are well on track to achieving our financial targets for the 2016 financial year."

Business development in the first quarter of 2016

The SwissLife Group generated premium income of CHF6.7 billion in the first three months of 2016 (Q12015: 7.4 billion), which equates to a drop of 10% in local currency. During the same period, the Group increased its fee income by 3% to CHF332 million in local currency; the growth was driven by its IFA channels and SwissLife AssetManagers. PatrickFrost explains: "In a consistently demanding market environment, profitability and capital efficiency remain paramount for new business. That is also reflected in the share of non-traditional products in our new business mix, which was 89% in the first quarter of 2016."

In the home market of Switzerland, SwissLife achieved premium income of CHF4.9 billion (Q12015: 5.3 billion), a reduction of 9%. At the same time, fee income increased by 15% to CHF61 million (Q12015: CHF53 million). In France, premium income remained at the same level year on year at CHF1.1 billion (Q1 2015: CHF 1.1 billion), equivalent to a 2% decrease in local currency. Fee income was also down at CHF59 million due to challenging markets (-10% in local currency). SwissLife in Germany generated premium income of CHF347 million in the first three months of 2016 (Q12015: CHF355 million), which equates to a 4% fall in local currency year on year. Fee income rose by 8% during the same period (local currency) to CHF94 million (Q12015: CHF85 million). The International market unit generated premium income of CHF364 million (Q12015: CHF606million), corresponding to a 41% decrease in local currency. In its fee business, the market unit achieved income of CHF55 million (Q12015: CHF55 million) – equivalent to a small decrease of 3% in local currency.

SwissLife AssetManagers posted net new assets of CHF2.3 billion in its third-party asset management in the first three months of 2016 (Q12015: CHF1.5 billion). As a result, assets under management for third-party clients increased to CHF41.6 billion. SwissLife Asset Managers achieved fee income of CHF133 million in the first quarter of 2016 (Q12015: CHF129million), corresponding to a 3% increase in local currency. Fee income in third-party business rose by 5% in local currency.

Investment returns and solvency

Direct investment income in the insurance portfolio was basically stable at CHF1053 million, compared to the prior-year level (CHF1057 million) corresponding to a non-annualised direct investment yield of 0.7% (Q12015: 0.7%). The non-annualised net investment yield was also 0.7% at the end of March2016 (Q12015: 0.9%). PatrickFrost: "In spite of interest rates hovering around zero and even going into negative territory, we managed to maintain robust direct investment returns through our strict asset and liability management. We expect to achieve a net investment yield of at least 3% for the 2016 financial year assuming normal conditions". SwissLife had an SST ratio of 146% as at 1January2016 (as filed with Finma, based on the internal model approved with conditions).

ThomasBuess, GroupCFO, 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

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+1 (1) 631 570 56 13

Key figures Q1 2016

IFRS basis, unaudited

Q1 2016



(in local currency)


GWP incl. PHD





Fee and commission income






GWP incl. PHD





Fee and commission income






GWP incl. PHD





Fee and commission income






GWP incl. PHD





Fee and commission income





Asset Managers

Fee income
















GWP incl. PHD





Fee and commission income






GWP incl. PHD: Total includes Other and intersegment eliminations of CHF -13m in Q1 2015 and CHF -17m in Q1 2016; Fee and commission income: Total includes Other and intersegment eliminations of CHF -71m in Q1 2015 and CHF -71m in Q1 2016


as at 31.12.2015


Media Relations

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Investor Relations

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Further information

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

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, Deutsche 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 7600 and approximately 4600 certified financial 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 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.