Swiss Life Holding Ag · SIX:SLHN

Swiss Life — Investor Presentation (June 2023)

19 slides from Swiss Life's investor presentation, Jun 28, 2023

  1. Slide 1: FY 2022 under IFRS 17 at Swiss Life

    FY 2022 under IFRS 17 at Swiss Life Investor presentation 28 June 2023

  2. Slide 2: 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

  3. Slide 3: FY 2022 under IFRS 17: Key messages

    FY 2022 under IFRS 17: Key messages IFRS 17 key impact on Swiss Life • IFRS 17 accounting standard for insurance business, • FY 2022 net profit of CHF 1 189 m applied retrospectively starting 01.01.2022 • FY 2022 return on equity of 13.9% • IFRS 9 accounting standard • Shareholders’ equity of CHF 8.

  4. Slide 4: Key metrics for FY 2022: IFRS 17 vs. IFRS 4

    Key metrics for FY 2022: IFRS 17 vs. IFRS 4 Net profit, shareholders’ equity, RoE Fee result CHF m, % CHF m Shareholders’ 9.5 bn 8.4 bn equity 783 756 1 455 1 1892) Net profit 12.8%1) 13.9%3) RoE IFRS 4 / IAS 39 IFRS 17 / IAS 39 IFRS 4 / IAS 39 IFRS 17 / IAS 39 Cash remittance to Holding Payout rati

  5. Slide 5: Swiss Life's insurance portfolios and key P&L aspects of VFA and non-VFA businesses

    Swiss Life’s insurance portfolios and key P&L aspects of VFA and non-VFA businesses IFRS 17 classifications Simplified Key portfolios1) Key P&L aspects2) With policyholder participation • CH: Individual and group-life business • CSM recognised as reserve of future expected profits VFA business • FR:

  6. Slide 6: Different timing of IFRS 17 profit recognition for VFA business

    Different timing of IFRS 17 profit recognition for VFA business Recognition of asset and liability changes in different accounting frameworks1) IFRS 17 examples relate to VFA insurance business Simplified previous new unaffected IFRS 4 IFRS 17 Local statutory accounting Cash remittance Real estate L

  7. Slide 7: IFRS 17 profit from operations lower compared to IFRS 4 driven by Switzerland

    IFRS 17 profit from operations lower compared to IFRS 4 driven by Switzerland Profit from operations FY 2022, CHF m 2 054 unaffected unaffected +90 +8 +7 0 0 1 742 -418 IFRS 4 Switzerland France Germany International Asset Unallocated IFRS 17 IAS 39 Managers corporate IAS 39 costs & other1) Financia

  8. Slide 8: IFRS 17 segment result: Main impacts by division

    IFRS 17 segment result: Main impacts by division Segment result FY 2022 Switzerland France Germany International Asset Managers CHF m EUR m EUR m EUR m CHF m 1 218 367 177 185 100 107 4331) 4331) 799 277 IFRS 4 IFRS 17 IFRS 4 IFRS 17 IFRS 4 IFRS 17 IFRS 4 IFRS 17 IFRS 4 IFRS 17 IAS 39 IAS 39 IAS 39

  9. Slide 9: Swiss Life profit reporting with continued focus on the fee result

    Swiss Life profit reporting with continued focus on the fee result, which is essentially unaffected Profit components FY 2022, IFRS 17 / IAS 39, CHF m unaffected Driven by negative 1 742 equity markets 201 -127 -120 178 -433 404 1 189 1 086 1 0293) Own & Owned third-party AM IFAs products & services

  10. Slide 10: Operating result from insurance business driven by the CSM release

    Operating result from insurance business driven by the CSM release Profit from operations • PAA insurance service result FY 2022, IFRS 17 / IAS 39 • RA release • Total net investment result, which is net of insurance finance expenses including all fair value changes of underlying items3) recognised

  11. Slide 11: CSM development in 2022 explained by economic variances

    CSM development in 2022 explained by economic variances CSM development (pre-tax) CHF bn +0.6 +0.6 17.5 -0.1 17.6 -1.1 16.4 -1.2 CSM Expected New Experience Economic CSM before Release CSM 01.01.2022 business business adjustments and other release to P&L1) 31.12.2022 contribution and updates non-ope

  12. Slide 12: Shareholders' equity lower under IFRS 17

    Shareholders’ equity lower under IFRS 17 Shareholders’ equity IFRS 4 vs. IFRS 17 Shareholders’ equity under IFRS 17 / IAS 39 31 December 2022, CHF bn CHF bn 9.5 +0.8 8.4 8.6 +0.1 +1.2 8.4 -1.3 -0.7 -1.5 IFRS 4 Recognised Insurance Other IFRS 17 01.01.2022 Change Dividend Profit 31.12.2022 IAS 39 in

  13. Slide 13: Shareholders' equity plus CSM (post-tax) and its consideration in the capital structure

    Shareholders’ equity plus CSM (post-tax) and its consideration in the capital structure Shareholders’ equity plus CSM (post-tax) Capital structure 31 December 2022, CHF bn 31 December 2022, CHF bn, % 21.4 26.5 IFRS 4 / IAS 39: 31%1) 19% Senior & hybrid bonds 13.0 CSM (post-tax) 49% CSM (post-tax) IF

  14. Slide 14: IFRS 17 return on equity on an unadjusted basis

    IFRS 17 return on equity on an unadjusted basis Return on equity Calculation FY 2022, % IFRS 17 / IAS 39 13.9% 12.8%1) Shareholders’ • 01.01.2022: CHF 8.6 bn equity • 31.12.2022: CHF 8.4 bn • FY 2022: CHF 1 182 m Net profit (profit attributable to shareholders, excl. minorities) • FY 2022: 13.9% (ba

  15. Slide 15: HY 2022 pro forma net profit under IFRS 17 / 9 and important considerations for 2023

    HY 2022 pro forma net profit under IFRS 17 / 9 and important considerations for 2023 HY 2022 pro-forma net profit under IFRS 17 / 9 Important considerations for 2023 CHF m IFRS 17 / IFRS 9 710 • IFRS 9 option of accounting for equity 642 instruments at FVOCI in some areas outside 5601) the VFA busin

  16. Slide 16: FY 2022 under IFRS 17: Key messages

    FY 2022 under IFRS 17: Key messages IFRS 17 key impact on Swiss Life • IFRS 17 accounting standard for insurance business, • FY 2022 net profit of CHF 1 189 m applied retrospectively starting 01.01.2022 • FY 2022 return on equity of 13.9% • IFRS 9 accounting standard • Shareholders’ equity of CHF 8.

  17. Slide 17: IFRS 17 / 9 glossary and abbreviations

    IFRS 17 / 9 glossary and abbreviations IFRS 17 / 9 glossary Abbreviations AM Business division Asset Managers Building block approach – General Measurement Model bn Billion BBA (GMM) to measure insurance liabilities under IFRS 17 CH Business division Switzerland CHF Swiss francs DAC Deferred acquisi

  18. Slide 18: Contact details and financial calendar

    Contact details and financial calendar Contact Heidi Hinterhuber Phone +41 (43) 284 67 67 Head of Investor Relations E-mail heidi.hinterhuber@swisslife.ch Rolf Winter Phone +41 (43) 284 49 19 Senior Investor Relations Manager E-mail rolf.winter@swisslife.ch Dominik Gänsslen Phone +41 (43) 284 93 77

  19. Slide 19: We enable people to lead a self-determined life.

    We enable people to lead a self-determined life.

Swiss Life Holding — Investor Presentation (June 2023) on 6ix