“In the third quarter of 2024, Swiss Life continued the positive development from the first half of the year. Growth in both the fee and insurance business is broad-based,” says Matthias Aellig, Group CEO of Swiss Life. “With our ‘Swiss Life 2024’ Group-wide programme, we are well on track to achieve or exceed all of the Group’s financial targets and thus also to reach the lower end of the ambitious target range for the fee result. We are in an excellent position to further develop Swiss Life successfully. At the Investor Day on 3 December 2024, we will present our new Group-wide programme for the next three years.”
The Swiss Life Group further expanded its fee business in the first nine months of 2024 and generated fee income totalling CHF 1.88 billion (prior-year period: CHF 1.79 billion). The 6% growth in local currency is due to own and third-party products and services, Swiss Life Asset Managers and owned IFAs. Premiums came to CHF 15.9 billion (prior-year period: CHF 15.5 billion), up 4% in local currency.
In its home market Switzerland, Swiss Life achieved premiums of CHF 8.0 billion, which represents an increase of 1%. The assets under management in the semi-autonomous business amounted to CHF 7.7 billion as at the end of September 2024 (31 December 2023: CHF 7.1 billion). Fee income came to CHF 252 million, an increase of 5% compared to the same period in the previous year. In France, Swiss Life increased premiums by 12% to EUR 5.6 billion. In the life business, premiums rose by 15%, with the share of unit-linked solutions amounting to 67% (prior-year period: 63%). In the fee business, the market unit achieved 16% growth to EUR 416 million. In Germany, premiums amounted to EUR 1.1 billion, an increase of 4%. Fee income increased by 10% to EUR 602 million. In the International market unit, premiums fell by 7% to EUR 1.5 billion. In the fee business, income came to EUR 283 million, a decline of 3%.
Swiss Life Asset Managers generated fee income of CHF 699 million (prior-year period: CHF 664 million). Third-party asset management (TPAM) contributed CHF 436 million to that (+2%). The share of all non-recurring income in the TPAM total income increased significantly to 31% (prior-year period: 14%). Net new assets in the TPAM business were CHF 3.4 billion in the first nine months (prior-year period: CHF 8.4 billion), with assets under management in the TPAM business increasing to CHF 119 billion as at the end of September 2024 (31 December 2023: CHF 112 billion).
Swiss Life generated direct investment income of CHF 3.08 billion in the first nine months of 2024 (prior-year period: CHF 2.99 billion). The non-annualised direct investment yield was 2.2% (prior-year period: 2.1%). Swiss Life estimates its SST ratio to be around 205% as at 30 September 2024. The solvency ratio is thus above the strategic ambition range of 140–190%.
Swiss Life is well on track with its “Swiss Life 2024” Group-wide programme: the targets for both the cumulative cash remittance to the holding company and the share buyback have already been exceeded. Swiss Life still expects to exceed its targets for the return on equity and the dividend payout ratio, and to reach the lower end of the ambitious target range of CHF 850–900 million for the fee result, this being reliant on the continued normalisation of the real estate markets in Germany and France. At its Investor Day on 3 December 2024, Swiss Life will announce its new Group-wide programme for the next three years with the associated strategic and financial targets.
Telephone conference for analysts and investors
Matthias Aellig, Group CEO, and Marco Gerussi, Group CFO, will hold a telephone conference in English for financial analysts and investors today at 9 a.m. (CET). There is also an audio webcast on the website. All the documents relating to the financial statements are available online at 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 USA: +1 (1) 631 570 56 13
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Key figures as at 30 September 2024
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IFRS basis, unaudited
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9M 2024
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9M 2023
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Change
(in percent)
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Change
(in local currency)
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Total1 (CHF m)
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|
|
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- Gross written premiums, policy fees and deposits received
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15 878
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15 467
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+3%
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+4%
|
|
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1 877
|
1 790
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+5%
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+6%
|
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Business units
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|
Switzerland (CHF m)
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|
|
|
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- Gross written premiums, policy fees and deposits received
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8 039
|
7 963
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+1%
|
-
|
|
|
252
|
239
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+5%
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-
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France (EUR m)
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|
|
|
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- Gross written premiums, policy fees and deposits received
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5 644
|
5 060
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+12%
|
-
|
|
|
416
|
359
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+16%
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-
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Germany (EUR m)
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|
|
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- Gross written premiums, policy fees and deposits received
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1 089
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1 049
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+4%
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-
|
|
|
602
|
548
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+10%
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-
|
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International (EUR m)
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|
|
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- Gross written premiums, policy fees and deposits received
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1 492
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1 604
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-7%
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-
|
|
|
283
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293
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-3%
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-
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Asset Managers (CHF m)
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|
|
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- Fee income;
of which TPAM
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699
436
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664
427
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+5%
+2%
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-
-
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|
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3 389
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8 444
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-60%
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-
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- Assets under management TPAM
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118 601
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111 7912
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+6%
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-
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1 Gross written premiums, policy fees and deposits received: total includes intersegment eliminations of CHF ‑45 million for the first nine months of 2024 and CHF ‑36 million for the first nine months of 2023; fee income: total includes Other segment and intersegment eliminations of CHF ‑322 million for the first nine months of 2024 and CHF ‑286 million for the first nine months of 2023.
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2 As at 31 December 2023
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