Swiss Life Holding Ag · SIX:SLHN
Swiss Life — FY2023 Earnings Presentation
23 slides from Swiss Life's earnings presentation, Mar 14, 2024
Slide 1: Extract from investor presentation for media representatives
Extract from investor presentation for media representatives 14 March 2024
Slide 2: Agenda
Agenda Overview Patrick Frost, Group CEO Financial results and strategy update Matthias Aellig, Group CFO 2 | Extract from investor presentation for media representatives | Full-year results 2022
Slide 3: Higher net profit despite lower fee result; substantially higher cash remittance, RoE and DPS
Higher net profit despite lower fee result; substantially higher cash remittance, RoE and DPS Net profit1), RoE1) Fee result CHF m, % CHF m Net profit +8% RoE -13% 850-900 765 1 029 1 111 664 10-12% 12.1% 13.7% FY 2022 FY 2023 Target 2022-2024 FY 20222) FY 2023 Target 2024 Cash to Holding Payout rat
Slide 4: Substantial increase of fee result and value creation
Substantial increase of fee result and value creation Fee result Total shareholder return1) CHF million CHF, indexed, % 765 600 699 664 500 601 553 488 400 442 396 300 342 269 200 190 100 0 FY FY FY FY FY FY FY FY FY FY FY 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 16% 22% 25% 27% 29% 30
Slide 5: Agenda
Agenda Overview Patrick Frost, Group CEO Financial results and strategy update Matthias Aellig, Group CFO 5 | Extract from investor presentation for media representatives | Full-year results 2022
Slide 6: Business review Switzerland
Business review Switzerland CHF million FY 2022 FY 2023 Change GWP incl. PHD 9 918 9 942 0% • GL: -3% (market -4%), lower premiums in the full insurance business; AuM in semi-autonomous business increased to CHF 7.1 bn (FY 22: CHF 6.4 bn) • IL: +19% (market +6%) driven by higher single premiums Fee
Slide 7: Business review France
Business review France EUR million FY 2022 FY 2023 Change GWP incl. PHD 6 915 6 992 +1% • Life: -1% (market +5%); UL share of 63% (market 41%) • Health & protection: +9% (market +7%) • P&C: +1% Fee and commission 422 485 +15% • Strong contribution from banking business; higher UL income1) fee income
Slide 8: Business review Germany
Business review Germany EUR million FY 2022 FY 2023 Change GWP incl. PHD 1 412 1 457 +3% • Higher premiums with modern, modern-traditional and disability products (market -5%) Fee and commission 668 733 +10% • Driven by owned IFAs based on higher productivity; income1) number of financial advisors i
Slide 9: Business review International
Business review International EUR million FY 2022 FY 2023 Change GWP incl. PHD 1 343 1 791 +33% • Higher premiums from business with corporate clients, in particular due to acquisition of elipsLife; lower premiums with private clients Fee and commission 373 386 +4% • Increase due to corporate busine
Slide 10: Business review Asset Managers (1/2)
Business review Asset Managers (1/2) CHF million FY 2022 FY 2023 Change Commission and 1 145 948 -17% • AM: About half of reduction explained by sale of a other net income1) subsidiary in 2022 and investment write-down in 2023, PAM 380 327 -14% affecting both PAM and TPAM 764 621 -19% • PAM: Lower a
Slide 11: Business review Asset Managers (2/2)
Business review Asset Managers (2/2) TPAM net new assets, NNA TPAM assets under management, AuM CHF billion (fair value basis) CHF billion (fair value basis) 9.8 9.8 111.8 102.8 105.4 2.3 1.9 1.5 2.7 0.4 Real estate Infrastructure 1.5 Balanced mandates 6.2 Equity 2.0 Money market funds 1.0 Bonds 0.3
Slide 12: Investment portfolio
Investment portfolio Insurance portfolio for own risk (PAM AuM) CHF million (fair value basis) 147 233 143 957 Equities & equity funds 8.2% 7.8% Alternative investments 2.7% 3.0% Real estate 28.2% 27.7% Mortgages Loans 6.9% 7.4% 2.9% 2.9% Government & supranational bonds 23.3% 23.6% 48.6% 50.0% Corp
Slide 13: CSM development
CSM development CSM development (pre-tax, gross) CHF billion (IFRS basis) +0.6 0.0 +0.8 16.7 16.4 -1.2 +1.4 15.4 -1.3 CSM Expected New business Experience Economic CSM before Release CSM 31.12.20221) business adjustments and other release to P&L 31.12.20232) contribution and updates non-operating of
Slide 14: Group SST ratio as of 1 January 2024 estimated to be around 210%
Group SST ratio as of 1 January 2024 estimated to be around 210% Swiss Life Group Swiss Life Group SST sensitivities SST standard model (as of 01.01.2024) 215% as of 01.01.2023 Real estate -10% -22 ppts ~210% as of 01.01.2024 Capital management actions 190% Credit spreads1) +100 bps -10 ppts Ambitio
Slide 15: Growing fee and commission income and earnings growth
Quality of earnings Growing fee and commission income and earnings growth Fee and commission income1) CHF million (IFRS basis) +1% +3% LC Local 2 370 2 397 currency Swiss Life Asset 984 914 -7% • Lower PAM and TPAM commission income Managers 1 076 -1% Owned IFA channels • Higher revenues from DE; lo
Slide 16: Profit from operations and fee result and earnings growth
Quality of earnings Profit from operations and fee result and earnings growth Adjusted profit from operations Components of fee result CHF million (IFRS basis) CHF million (IFRS basis) +1% -13% 1 478 1 497 765 664 664 Fee result 765 399 272 AM 163 Owned IFAs Operating result 173 892 929 insurance bu
Slide 17: Return on equity and payout
Capital, cash Return on equity and payout Return on equity FY 2023 calculation % (IFRS basis) IFRS 17 / 9 13.9% 13.7% Shareholders’ • 01.01.2023: CHF 8.5 bn 12.1% equity • 31.12.2023: CHF 7.5 bn • FY 2023: CHF 1 094 m Net profit (profit attributable to shareholders, excl. minorities) • FY 2023: 13.7
Slide 18: Substantially higher cash remittance to Holding; share buyback on track
Capital, cash Substantially higher cash remittance to and payout Holding; share buyback on track Cash remittance to Holding Share buyback programme CHF million (additional details) +14% • CHF 300 m 1 150 Amount (Oct 2023 – March 2024) 1 009 63% Life Current • Shares repurchased in the amount of 58%
Slide 19: Proposed increase of dividend to shareholders by CHF 3.00 per share
Capital, cash Proposed increase of dividend to and payout shareholders by CHF 3.00 per share Dividend and share buybacks Dividend payment details CHF, per share Share buybacks1) 27.9 0.9 12.9 22.7 14.0 per share AGM • 15 May 2024 +3.00 33.00 • 17 May 2024 30.00 Ex date 25.00 20.00 21.00 • 22 May 202
Slide 20: Swiss Life 2024 programme well on track
Swiss Life 2024 programme well on track Swiss Life 2024 programme: Financial ambitions and targets • Fee result On track CHF 850-900 m FY 2024 To reach lower end of range3) Quality of earnings and earnings growth • RoE 10-12%1) 2) Ahead 2022-2024 • Cash to Holding CHF 2.8-3.0 bn Ahead Cumulative 202
Slide 21: Abbreviations and IFRS 17 / 9 glossary
Abbreviations and IFRS 17 / 9 glossary Abbreviations AGM Annual general meeting IFRS International Financial Reporting Standards ALM Asset and liability management IL Individual life AM Business division Asset Managers IN Business division International APE Annual premium equivalent LC Local currenc
Slide 22: Disclaimer and cautionary statement
Disclaimer and cautionary statement This presentation does not constitute or form part of any advertising, offer, recommendation or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities of Swiss Life, nor shall part or all of this presentation or i
Slide 23: We enable people to lead a self-determined life.
We enable people to lead a self-determined life.