SWISS LIFE HOLDING AG Zurich, 6 November 2019
Swiss Life achieves higher fee income in all units in the first three quarters of 2019
- The Swiss Life Group generated fee income of CHF 1.3 billion in the first nine months of 2019. That corresponds to 17% growth in local currency compared to the prior-year period.
- Premiums came to CHF 18.0 billion, a rise of 25% in local currency over the previous year. Insurance reserves for the benefit of the company's policyholders rose by 6%.
- Swiss Life Asset Managers gained net new assets of CHF 6.5 billion from third-party asset management, whereby third-party assets under management came to CHF 79.8 billion.
- Swiss Life achieved stable direct investment income of CHF 3.3 billion. The non-annualised net investment yield came to 1.9% (previous year: 2.2%).
"The further expansion of our fee business shows that our consulting and service offerings are in high demand", says Patrick Frost, Group CEO of Swiss Life. "We increased fee income in all market units. The relevance to customers and closeness to the market enable us to continuously strengthen our position in pension and investment solutions in the context of our Group-wide programme 'Swiss Life 2021'."
Business development during the first nine months of 2019
The Swiss Life Group generated fee income totalling CHF 1317 million in the first nine months of 2019. Growth of 17% in local currency was also supported by acquisitions in the previous year and consolidation effects. The contribution from asset management increased by 25%, from owned IFAs by 24% and from own and third-party products and services by 6%. Premiums rose by 25% in local currency during the first three quarters to CHF 18.0 billion. Insurance reserves for the benefit of the company's policyholders rose by 6% in local currency.
In its home market of Switzerland, Swiss Life achieved premiums of CHF 11.6 billion (previous year: CHF 7.8 billion). Growth in individual life was 9%. The increase in group life business (+54%) is primarily due to the withdrawal of a competitor from the full insurance business in the previous year. Fee income was up 9% to CHF 198 million. Swiss Life in France recorded premiums of CHF 4.2 billion and was thus slightly above the previous year in local currency (+1%). P&C (+7%) as well as health insurance and protection (+4%) grew, while premiums in our life business declined by 1%. Fee income rose by 3% in local currency to CHF 238 million. In Germany, premiums were up 4% in local currency to CHF 982 million. Fee income was up 12% in local currency to CHF 359 million due to growth in owned IFAs. The International market unit posted premiums of CHF 1.3 billion, in local currency 16% below the prior-year period. Fee income increased by 35% to CHF 240 million.
Swiss Life Asset Managers achieved net new assets in third-party business of CHF 6.5 billion during the first nine months of 2019 (previous year: CHF 5.2 billion). Third-party assets under management amounted to CHF 79.8 billion as of 30 September 2019, corresponding to 12% growth over year-end 2018. In total, Swiss Life Asset Managers achieved fee income of CHF 574 million during the first three quarters of 2019, an increase of 25% over the previous year. In addition to operational growth, consolidation effects and the acquisition of Beos in the previous year also contributed to that.
Investment income and solvency
Swiss Life generated direct investment income of CHF 3.3 billion during the first three quarters of 2019, which corresponds to the previous year. The non-annualised direct investment yield fell to 2.0% (previous year: 2.2%) also due to strong appreciations in the investment portfolio. The non-annualised net investment yield fell to 1.9% due to the appreciations and lower realised gains (previous year: 2.2%). Swiss Life estimates its SST ratio at slightly above 200% as of 30 September 2019, based on the regulatory solvency model.
Telephone conference for analysts and investors
Matthias Aellig, 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. All documents on our results can be found on our website.
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 2019 | ||||
CHF m | YTD 2019 | YTD 2018 | Change | Change |
Switzerland | ||||
| 11 579 | 7 814 | +48% | +48% |
| 198 | 182 | +9% | +9% |
France | ||||
| 4 224 | 4 333 | -3% | +1% |
| 238 | 240 | -1% | +3% |
Germany | ||||
| 982 | 986 | 0% | +4% |
| 359 | 332 | +8% | +12% |
International | ||||
| 1 279 | 1 552 | -18% | -16% |
| 240 | 184 | +31% | +35% |
Asset Managers | ||||
| 574 | 468 | +23% | +25% |
| 6 492 | 5 213 | +25% | +26% |
| 79 848 | 71 1592 | +12% | +14% |
Total1 | ||||
| 18 046 | 14 670 | +23% | +25% |
| 1 317 | 1 156 | +14% | +17% |
1 Gross written premiums, policy fees and deposits received: Total includes intersegment eliminations of CHF -18 m in Q3 2019 and CHF -15 m in Q3 2018; Fee income: Total includes Other and intersegment eliminations of CHF -292 m in Q3 2019 and CHF -250 m in Q3 2018 | ||||
Information
Media Relations
Phone +41 43 284 77 77
media.relations@swisslife.ch
Investor Relations
Phone +41 43 284 52 76
investor.relations@swisslife.ch
www.swisslife.com
Follow us on Twitter
@swisslife_group
Further information
All our media releases can be found at swisslife.com/mediareleases
| Provider | Channel | Contact | ||
|---|---|---|---|---|
|
EQS Group Ltd., Switzerland switzerland.eqs.com |
newsbox.ch www.newsbox.ch |
Provider/Channel related enquiries cs.switzerland@eqs.com +41 41 763 00 50 |
