Swiss Life increases fee income by 7% in the first quarter of 2023
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Swiss Life Holding AG / Key word(s): Quarter Results Zurich, 11 May 2023 Swiss Life gets off to a good start to the 2023 financial year:
“Swiss Life has made a good start to the 2023 financial year”, says Patrick Frost, Group CEO of Swiss Life. “Our fee business is broadly based: The massive decline in real estate transactions throughout the European market led to lower income at Asset Managers. This was more than offset by other business areas, such as financial advice in Germany and good business development in France and at International. With our ‘Swiss Life 2024’ Group-wide programme, we remain well on track to achieve or exceed the Group’s financial targets by 2024.”
Fee income and premiums increased
In its home market of Switzerland, Swiss Life achieved premiums of CHF 4.4 billion, which corresponds to growth of 2%. The assets under management in semi-autonomous business increased to CHF 6.8 billion as at the end of March 2023 (year-end 2022: CHF 6.2 billion); this business is largely not reported as premiums. In fee business, the Switzerland Division generated revenues of CHF 78 million (previous year: CHF 83 million). Swiss Life in France generated premiums of EUR 1.7 billion, a decrease of 6%. Premiums in life business fell by 9% following growth well above the market average since 2019. The share of unit-linked solutions was 65% (previous year: 61%). Fee income increased by 14% to EUR 122 million. In Germany, premiums were up 3% to EUR 386 million. Fee income increased by 17% to EUR 180 million. Amongst other things, the further expansion of the advisor base helped here. The International market unit posted a strong increase in premiums to EUR 1.1 billion (previous year: EUR 262 million), and fee income increased by 19% to EUR 100 million. Both are due in particular to the integration of elipsLife.
Swiss Life Asset Managers achieved net new assets in TPAM business of CHF 2.5 billion in the first three months of 2023 (previous year: CHF 1.2 billion). Assets under management as at the end of March 2023 amounted to CHF 108 billion (year-end 2022: CHF 105 billion). Swiss Life Asset Managers achieved fee income totalling CHF 212 million in the first three months of 2023. The 12% decline is mainly due to the sale of Livit FM Services Ltd in the fourth quarter of 2022, negative currency translation effects and a subdued real estate transaction market. TPAM business contributed CHF 133 million (-11%).
Stable direct investment yield
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1 Gross written premiums, policy fees and deposits received: total includes intersegment eliminations of CHF -10 m in Q1 2023 and -6 m in Q1 2022; fee income: total includes Other segment and intersegment eliminations of CHF -94 m in Q1 2023 and CHF -102 m in Q1 2022 2 As at 31 December 2022
Media Relations Investor Relations Follow us on Twitter Further information Swiss Life 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 Swiss Life Group also includes various subsidiaries. The Group employs a workforce of around 10 000 and has at its disposal a distribution network of over 17 000 advisors. Cautionary statement regarding forward-looking information End of Inside Information |
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| Language: | English |
| Company: | Swiss Life Holding AG |
| General-Guisan-Quai 40 | |
| 8022 Zürich | |
| Switzerland | |
| Phone: | +41432843311 |
| E-mail: | investor.rel@swisslife.ch |
| Internet: | www.swisslife.com |
| ISIN: | CH0014852781 |
| Valor: | 1485278 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1629989 |
| End of Announcement | EQS News Service |
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1629989 11-May-2023 CET/CEST
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