- In the first nine months of 2016, the SwissLife Group posted fee income of CHF974 million, an increase of 2% in local currency compared to the same period last year.
- Group-wide premiums stood at CHF 13.4billion, down by 9% in local currency. At the same time, insurance reserves to the benefit of the company's policyholders rose by 2% in local currency.
- SwissLife AssetManagers achieved net new assets of CHF5.9 billion in its third-party asset management in the first three quarters of 2016 with assets under management increasing to CHF46.2 billion as at 30September2016 (year-end2015: CHF38.8billion).
- Direct investment income of CHF3.3 billion was at the previous year's level. Non-annualised direct investment yield was 2.2%, while the corresponding net investment yield was 2.3%. SwissLife expects a net investment yield of around 3% for the 2016 financial year.
"Swiss Life was able to continue its positive trend in the third quarter," says PatrickFrost, CEO of the SwissLife Group. "We saw further growth in our fee business, an area of strategic importance for us, and managed to keep direct investment income at the previous year's level despite persistently tough market conditions. We are still on track to achieving our 2016 financial targets."
Business development in the first three quarters
The SwissLife Group generated premiums of CHF13.4 billion in the first nine months of 2016 (Q32015: CHF14.6billion). In local currency this corresponds to a decline of 9%. Insurance reserves to the benefit of the company's policyholders rose by 2% in local currency as at 30September2016. Fee income was up 2% in local currency in the first three quarters of the year, to CHF974million (Q32015: CHF929 million). SwissLife AssetManagers and the owned IFA channels were the main contributors to this positive development. PatrickFrost: "It was also encouraging to see progress in our 'SwissLife2018' Group-wide programme: we have already implemented half of our cost savings initiatives. Moreover, our share of non-traditional products in our new business mix was 90%.”
In its home market of Switzerland, SwissLife achieved premiums of CHF8.2 billion (Q32015: CHF8.7billion), corresponding to a 6% decrease. During the same period, fee income rose by 23% to CHF177 million, mainly driven by the growth of SwissLifeSelect and the real estate brokerage business (Q32015: CHF144 million). In France, premiums fell by 6% in local currency to CHF3.3 billion (Q32015: CHF3.4 billion) compared to the same period last year. Fee income was down 7% in local currency over the previous year to CHF175 million due to lower banking fees (Q32015: CHF183 million). SwissLife in Germany generated premiums of CHF905million in the first nine months of 2016 (Q32015: CHF930 million) – equivalent to a decrease of 5% in local currency. The 2% decline in fee income in local currency to CHF259 million (Q32015: CHF258 million) is due to the insurance business; fee income in the owned IFA channels rose simultaneously by 5% in local currency. The International market unit recorded a premium decline of 40% in local currency to CHF1.0 billion (Q32015: CHF1.6billion). Fee income was down 5% over the previous year in local currency at CHF161 million (Q32015: CHF164 million); adjusted for currency effects of pound sterling, this corresponds to a decline of 1%.
SwissLife AssetManagers posted net new assets of CHF5.9 billion in its third-party asset management in the first three quarters of 2016. As a result, assets under management for third-party clients increased to CHF46.2 billion as at 30September 2016 (year-end2015: CHF38.8 billion). SwissLife AssetManagers achieved fee income of CHF422 million in the first nine months of 2016 (Q32015: CHF388 million), corresponding to 8% growth in local currency over the previous year.
Investment returns and solvency
Swiss Life generated direct investment income of CHF3266 million in the first nine months of 2016, and thus reached the previous year's level (Q32015: CHF3253 million). Non-annualised direct investment yield was 2.2% as at 30September2016 (Q32015: 2.3%); the non-annualised net investment yield in the first nine months of the year stood at 2.3% (Q32015: 2.6%). SwissLife expects a net investment yield of around 3% for the financial year. The SST ratio (based on the internal model approved with conditions) was above 140% as at 30September2016.
ThomasBuess, 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 start of the conference.
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
Key figures as at 30.09.2016
CHF m. |
YTD 2016 |
YTD 2015 |
Change |
Change |
Switzerland |
||||
|
8 189 |
8 687 |
-6% |
-6% |
|
177 |
144 |
+23% |
+23% |
France |
||||
|
3 264 |
3 362 |
-3% |
-6% |
|
175 |
183 |
-4% |
-7% |
Germany |
||||
|
905 |
930 |
-3% |
-5% |
|
259 |
258 |
+0% |
-2% |
International |
||||
|
1 014 |
1 644 |
-38% |
-40% |
|
161 |
164 |
-2% |
-5% |
Asset Managers |
||||
|
422 |
388 |
+9% |
+8% |
|
5 919 |
5 135 |
+15% |
+14% |
|
46 213 |
38 8162 |
+19% |
+19% |
Total1 |
||||
|
13 355 |
14 580 |
-8% |
-9% |
|
974 |
929 |
+5% |
+2% |
1GWP incl. PHP: Total includes Other and intersegment eliminations of CHF -43 m in Q3 2015 and CHF -17 m in Q3 2016; Fee and commission income: Total includes Other and intersegment eliminations of CHF -209 m in Q3 2015 and CHF -220 m in Q3 2016
2 As at 31.12.2015
Information
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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, 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.