SWISS LIFE HOLDING AG Zurich, 12 November 2014
Swiss Life continues to grow in the third quarter of 2014, generating premium income of CHF 14.4 billion
- The Swiss Life Group increased premium income by 6% in local currency to CHF 14.4 billion in the first nine months of 2014 (Q1-Q3 2013: CHF 13.7 billion).
- Fee and commission income climbed 8% Group-wide to CHF 890 million, with all market units contributing to this performance.
- Swiss Life Asset Managers posted net new asset inflows of CHF 3.2 billion in its external customer business over the first three quarters and increased assets under management to CHF 31.8 billion.
- Thanks to a robust investment portfolio, Swiss Life achieved a non-annualised net investment result of 2.9% (Q1-Q3 2013: 3.1%).
- The Group's solvency ratio as at 30 September 2014 rose by 11 percentage points from its half-year 2014 level to 254%.
Patrick Frost, Group CEO, comments, "Swiss Life was able to continue its first half-year's profitable growth and pleasing business performance into the third quarter of 2014. In the process, Swiss Life expanded its market position and, by growing fee and commission income, succeeded in driving forward diversification. The results of the third quarter indicate that we are on track to meet our targets under the Group-wide programme 'Swiss Life 2015'."
Sustained positive business development in the third quarter of 2014
Over the first nine months of 2014, Swiss Life grew premium income by CHF 14.4 billion, which corresponds to a 6% rise in local currency terms (Q1-Q3 2013: CHF 13.7 billion). A key driver for this positive performance was the home market of Switzerland, where Swiss Life registered premium growth of 13% to CHF 8.2 billion (Q1-Q3 2013: CHF 7.3 billion). Both occupational pensions business (+12%) and individual life business (+17%) contributed to this increase. In France Swiss Life reported growth in local currency of 7% to CHF 3.6 billion (Q1-Q3 2013: CHF 3.4 billion). Premium quality in life business was maintained at a high level with unit-linked contracts representing a 54% share of new business. Swiss Life in Germany generated premium income in the first three quarters of 2014 of CHF 1.1 billion. This decline of 5% in local currency, compared to the same period in the previous year, is attributable to rate adjustments and streamlining of the product range. The International market unit recorded premium volume of CHF 1.4 billion (Q1-Q3 2013: CHF 1.8 billion) together with fee and commission income growth of 6%. Swiss Life Asset Managers posted net new asset inflows of CHF 3.2 billion in its external customer business over the first three quarters of the year and increased assets under management for external customers to CHF 31.8 billion. Overall, Swiss Life generated fee and commission income in the first three quarters of 2014 of CHF 890 million. This 8% rise is attributable to growth within Swiss Life Asset Managers, in the independent advisor channels in all market units and in unit-linked insurance in France.
Attractive investment yield and strong group solvency ratio
Thanks to the high quality and resilience of its investment portfolio, Swiss Life generated a non-annualised direct investment yield of 2.5% as at 30 September 2014 (Q1-Q3 2013: 2.6%). The non-annualised net investment result in the first nine months of 2014 stood at 2.9% (Q1-Q3 2013: 3.1%). The group solvency ratio as at 30 September 2014 climbed 11 percentage points from its half-year 2014 level to 254%. Excluding unrealised gains and losses on bonds, the Group's solvency ratio rose to 200% (up 2 percentage points on the half-year 2014 figure).
Group-wide programme "Swiss Life 2015" on track
Swiss Life made further progress in its Group-wide programme "Swiss Life 2015". Thanks to its strict cost management, Swiss Life had already implemented over 90% of the planned cost-savings measures by 30 September 2014. Furthermore, the product mix in new business has been maintained at the target level, with an 82% share generated through modern and risk products.
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 conference begins.
Dial-in number for Europe | +41 (0) 58 310 50 00 |
Dial-in number for the UK | +44 (0) 203 059 58 62 |
Dial-in number for the USA | +1 (1) 631 570 56 13 |
Gross written premiums, policy fees and deposits received
as at 30 September 2014
CHF m | YTD 2014 | YTD 2013 | Change (CHF) | Change (in local currency) |
IFRS basis, unaudited | ||||
Switzerland | 8 210 | 7 288 | +13% | +13% |
France | 3 647 | 3 435 | +6% | +7% |
Germany | 1 133 | 1 211 | -6% | -5% |
International | 1 438 | 1 788 | -20% | -19% |
Total (1) | 14 380 | 13 654 | +5% | +6% |
CHF m | Q3 2014 | Q3 2013 | Change (CHF) | Change (in local currency) |
IFRS basis, unaudited | ||||
Switzerland | 1 611 | 1 370 | +18% | +18% |
France | 1 226 | 1 090 | +12% | +15% |
Germany | 350 | 354 | -1% | +1% |
International | 400 | 493 | -19% | -17% |
Total (2) | 3 572 | 3 286 | +9% | +10% |
(1) | Total contains intersegment eliminations and reinsurance of CHF -48 m in Q3 2014, CHF -67 m in Q3 2013. |
(2) | Total contains intersegment eliminations and reinsurance of CHF -15 m in Q3 2014, CHF -22 m in Q3 2013. |
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
Further information
All our media releases can be found at swisslife.com/mediareleases
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newsbox.ch www.newsbox.ch |
Provider/Channel related enquiries marco@tensid.ch +41 41 763 00 50 |
