- The capitalisation of the Group remains strong even following the upheavals on the financial markets: the SST currently stands at around 175% and therefore in the upper third of the ambition range of 140 to 190%.
- In line with all other major listed banks and insurance companies in Switzerland, Swiss Life will suspend its share buyback programme and not buy back any more shares for the time being.
- As previously announced, the Board of Directors proposes to the Annual General Meeting a dividend of CHF 20.00 per share for the 2019 financial year. The Annual General Meeting will take place without shareholders being present on 28 April 2020 as planned.
Swiss Life's solvency remains strong despite the latest upheavals in the financial markets. As a Group, Swiss Life is subject to the strictly calibrated Swiss Solvency Test (SST). As of 1 January 2020, the Swiss Life Group estimated its SST ratio at slightly above 200% (previous year: 185%). The SST ratio currently stands at around 175% and thus in the upper third of the target range of 140 to 190%.
Swiss Life manages financial market risks by means of its continuous asset liability processes. Swiss Life has a well-diversified investment portfolio with high creditworthiness. The equity portfolio is hedged, the net equity holding as of 31 December 2019 amounted to 4.1% and has since been halved to about 2%.
Concerning the insured risks, Swiss Life has a balanced portfolio of mortality and longevity risks. The resulting risks for Swiss Life are therefore manageable. The main effects for Swiss Life arise from the impacts as a result of the turmoils in financial markets.
Swiss Life CEO Patrick Frost says: "Supported by our disciplined asset liability management, our solvency remains strong even after the latest capital market upheavals. In line with all other major listed banks and insurance companies in Switzerland, we will suspend our share buyback programme and not buy back any more shares for the time being.”
The Annual General Meeting will take place without shareholders being present on 28 April 2020 as planned. As previously announced, the Board of Directors proposes to the Annual General Meeting a dividend of CHF 20.00 per share for the 2019 financial year.
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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, Fincentrum 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 subsidiaries Livit, Corpus Sireo, Beos, Mayfair Capital and Fontavis are also part of the Swiss Life Group. The Group employs a workforce of around 9300 and has at its disposal a distribution network of some 14 000 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.