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Swiss Life continues its positive development in the third quarter of 2018: growth in fee income and premiums

07.11.2018

  • The Swiss Life Group generated fee income of CHF 1.2 billion in the first nine months of 2018. That corresponds to 7% growth in local currency compared to the previous year.
  • Premiums came to CHF 14.7 billion Group-wide – a 4% increase over the previous year in local currency. Insurance reserves for the benefit of the company's policyholders rose by 2%.
  • Swiss Life Asset Managers gained net new assets of CHF 5.2 billion in its third-party asset management in the first three quarters of 2018. As a result, third-party assets under management increased to CHF 66.3 billion as of 30 September 2018 (year-end 2017: CHF 61.4 billion).
  • Swiss Life generated direct investment income of CHF 3.3 billion (previous year: CHF 3.2 billion). The non-annualised direct investment yield was stable at 2.2% (previous year: 2.2%); the corresponding net investment yield also stood at 2.2% (previous year: 1.8%).

“We maintained our positive development from the first half-year 2018 in the third quarter of 2018”, says Patrick Frost, Group CEO of Swiss Life. “We were again successful in increasing fee income thanks to strong growth in owned IFAs and unit-linked business in France. We are confident that we will achieve or exceed all our goals under the Swiss Life 2018 Group-wide programme.”

Business development during the first nine months of 2018

The Swiss Life Group generated fee income totalling CHF 1156 million in the first nine months of 2018 (previous year: CHF 1035 million). Growth in local currency of 7% is due to higher contributions from owned IFAs (+10%) and own and third-party products and services (+6%). Group-wide premiums were up 4% in local currency in the first three quarters of the year, to CHF 14.7 billion (previous year: CHF 13.8 billion). The main drivers behind this increase were life business in France and group life business in Switzerland. Insurance reserves for the benefit of the company's policyholders rose by 2% in local currency.

In its home market of Switzerland, Swiss Life achieved premiums of CHF 7.8 billion (previous year: CHF 7.6 billion), an increase of 3%. Growth in group life business was 3% and 1% in individual life. In fee business, income was up by 7% at CHF 182 million (previous year: CHF 170 million). Swiss Life France generated premium growth of 11% in local currency to CHF 4.3 billion (previous year: CHF 3.7 billion). The main reason for the increase was 17% growth in life business, whereby the share of unit-linked solutions in new business was 64%. Fee income rose by 5% in local currency to CHF 240 million (previous year: CHF 216 million). In Germany, premiums were up 2% in local currency to CHF 986 million (previous year: CHF 911 million). Fee income was up 15% in local currency due to growth in owned IFAs to CHF 332 million (previous year: CHF 272 million). The International market unit recorded premiums of CHF 1.6 billion (previous year: CHF 1.6 billion), a 9% decrease in local currency. Fee income increased by 7% to CHF 184 million (previous year: CHF 164 million).

Swiss Life Asset Managers acquired CHF 5.2 billion in net new assets from its third-party business in the first nine months of 2018 (previous year: CHF 7.0 billion). Third-party assets under management amounted to CHF 66.3 billion as of 30 September 2018, corresponding to 8% growth over year-end 2017 (CHF 61.4 billion). In total, Swiss Life Asset Managers achieved fee income totalling CHF 468 million in the first three quarters of 2018 (previous year: CHF 455 million).

Investment result and solvency

Swiss Life generated direct investment income of CHF 3.3 billion in the first three quarters of 2018 (previous year: CHF 3.2 billion). The non-annualised direct investment yield was stable at 2.2% as of 30 September 2018 (previous year: 2.2%); the non-annualised net investment yield stood at 2.2% (previous year: 1.8%). Swiss Life estimates its SST ratio at over 175% as of 30 September 2018, based on the internal model approved with conditions.

Investor Day on 29 November 2018

As communicated previously, Swiss Life will present its new strategic targets at an Investor Day on 29 November 2018.

Telephone conference for investors and analysts

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 start of the conference. There is also an audio webcast on the web page https://www.swisslife.com.

Dial-in number for Europe: +41 (0) 58 310 50 00

Dial-in number for the UK: +44 (0) 207 107 06 13

Dial-in number for the US: +1 (1) 631 570 56 13

Key figures as of 30 September 2018

 

CHF m
IFRS basis, unaudited

YTD 2018

YTD 2017

Change
(CHF)

Change
(in local currency)

Switzerland

    
  • GWP incl. PHD

7 814

7 604

+3%

+3%

  • Fee income

182

170

+7%

+7%

France

  • GWP incl. PHD

4 333

3 694

+17%

+11%

  • Fee income

240

216

+11%

+5%

Germany

  • GWP incl. PHD

986

911

+8%

+2%

  • Fee income

332

272

+22%

+15%

International

  • GWP incl. PHD

1 552

1 613

-4%

-9%

  • Fee income

184

164

+12%

+7%

Asset Managers

  • Fee income

468

455

+3%

0%

  • NNA TPAM

5 213

6 999

-26%

-28%

  • AuM TPAM

66 311

61 4052

+8%

+10%

Total1

  • GWP incl. PHD

14 670

13 806

+6%

+4%

  • Fee income

1 156

1 035

+12%

+7%

 

1 GWP incl. PHD: Total includes Other and intersegment eliminations of CHF -15 m in Q3 2018 and CHF -17 m in Q3 2017; Fee income: Total includes Other and intersegment eliminations of CHF -250 m in Q3 2018 and CHF -241 m in Q3 2017.

2 As of 31 December 2017

Information

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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, 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 subsidiaries Livit, Corpus Sireo, Mayfair Capital and Beos are also part of the Swiss Life Group. The Group employs a workforce of around 8000 and approximately 5000 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.

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