Swiss Life Holding Ag · SIX:SLHN
Swiss Life — FY2024 Earnings Presentation
25 slides from Swiss Life's earnings presentation, Mar 14, 2025
Slide 1: Extract from investor presentation for media representatives
Extract from investor presentation for media representatives 14 March 2025
Slide 2: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 2 | Extract from investor presentation for media representatives | Full-year results 2024
Slide 3: Strong FY 2024 results with significantly higher fee result
Strong FY 2024 results with significantly higher fee result Net profit, RoE Fee result CHF m, % Net profit CHF m RoE +33% +13% 875 850-900 1 261 658 1 111 331) 10-12% 13.7% 16.6% FY 2023 FY 2024 Target 2022-2024 FY 20232) FY 2024 Target 2024 Cash to Holding Payout ratio, DPS CHF m 86% 81% > 60% 2.8-
Slide 4: Swiss Life 2024 successfully completed
Swiss Life 2024 successfully completed Financial ambitions and targets Target FY 2024 • Fee result FY 2024 CHF 850-900 m CHF 875 m Achieved Quality of earnings and earnings growth • RoE 10-12%1) 2) 16.6% Exceeded 2022-2024 • Cash to Holding CHF 2.8-3.0 bn CHF 3.5 bn3) Exceeded Cumulative 2022-2024 C
Slide 5: Swiss Life 2027 to drive business growth and to step up earnings and cash returns
Swiss Life 2027 to drive business growth and to step up earnings and cash returns to shareholders We enable people to lead a financially self-determined life Strategic actions Financial ambitions Financial targets Customer Fee result > CHF 1 bn Expanding customer base and relationships Earnings FY 2
Slide 6: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 6 | Extract from investor presentation for media representatives | Full-year results 2024
Slide 7: Selected P&L and other figures
Selected P&L and other figures Selected P&L figures CHF million (IFRS basis) FY 2023 FY 2024 Insurance revenue 8 797 8 678 thereof CSM release 1 283 1 126 Insurance service expenses -7 445 -7 608 thereof claims and benefits -5 667 -5 750 Net investment result 103 1 044 Profit from operations 1 497 1
Slide 8: Business review Switzerland
Business review Switzerland CHF million FY 2023 FY 2024 Change GWP incl. PHD 9 942 9 911 0% • GL: -2%, lower premiums in the full insurance business; AuM in semi-autonomous business increased to CHF 7.8 bn (FY 23: CHF 7.1 bn) • IL: +6% driven by higher single premiums Fee and commission 326 339 +4%
Slide 9: Business review France
Business review France EUR million FY 2023 FY 2024 Change GWP incl. PHD 6 992 7 774 +11% • Life: +14% (market +14%); UL share of 67% (market 38%) • Health & protection (H&P): +3% (market +9%) • P&C: +5% Fee and commission 485 541 +12% • Strong net inflows and market performance in UL income1) busine
Slide 10: Business review Germany
Business review Germany EUR million FY 2023 FY 2024 Change GWP incl. PHD 1 457 1 506 +3% • Higher premiums with modern, modern-traditional and disability products (market +3%) Fee and commission 733 821 +12% • Driven by owned IFAs (stable number of financial advisors) income1) and by the insurance b
Slide 11: Business review International
Business review International EUR million FY 2023 FY 2024 Change GWP incl. PHD 1 791 1 720 -4% • Higher premiums from business with corporate clients; lower premiums with private clients Fee and commission 386 381 -1% • Higher income from owned IFAs and private clients income1) offset by corporate c
Slide 12: Business review Asset Managers (1/2)
Business review Asset Managers (1/2) CHF million FY 2023 FY 2024 Change Commission and 948 1 158 +22% • PAM: higher recurring and real estate transaction income other net income1) • TPAM: substantially higher other net income from real PAM 327 356 +9% estate project development; higher recurring inc
Slide 13: 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) 124.7 9.8 9.5 111.8 1.9 1.7 105.4 1.5 0.9 0.4 4.3 Real estate Infrastructure Multi assets 6.2 Equity 1.8 Money market funds Bonds 0.9 0.0 -0.2
Slide 14: Investment portfolio
Investment portfolio Insurance portfolio for own risk (PAM AuM) CHF million (fair value basis) 143 957 147 635 Equities & equity funds 7.8% 9.9% Alternative investments 3.0% 3.5% Real estate 27.7% 27.3% Mortgages 7.4% Loans 7.4% 2.9% 2.5% Government & supranational bonds 23.6% 22.5% 50.0% 47.2% Corp
Slide 15: CSM development
CSM development CSM development (pre-tax, gross) CHF billion (IFRS basis) +0.7 +0.6 -0.2 15.4 15.5 -1.0 +1.3 14.4 -1.1 CSM Expected New business Experience Economic CSM before Release CSM 31.12.20231) business adjustments and other release to P&L 31.12.20242) contribution and updates non-operating o
Slide 16: Group SST ratio as of 31 December 2024
Group SST ratio as of 31 December 2024 Swiss Life Group Swiss Life Group SST sensitivities SST standard model (as of 31.12.2024) 212% as of 31.12.2023 Real estate -10% -23 ppts ~200% as of 31.12.2024 Capital management actions 190% Credit spreads1) +100 bps -10 ppts Ambition Dividend payout ratio ac
Slide 17: Fee and commission income
Quality of earnings Fee and commission income and earnings growth Fee and commission income1) CHF million (IFRS basis) +4% +5% LC Local 2 492 currency 2 397 Swiss Life Asset 959 +5% • Higher TPAM and PAM commission income 914 Managers 1 115 +5% Owned IFA channels • Higher revenues from DE and IN 1 0
Slide 18: Profit from operations and fee result
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) +20% +33% 1 783 875 1 488 875 Fee result 658 446 AM 658 272 165 Owned IFAs 160 Operating result 926 1 040 insurance
Slide 19: Return on equity
Capital, cash Return on equity and payout Return on equity FY 2024 calculation % (IFRS basis) 16.6% Shareholders’ • 01.01.2024: CHF 7.5 bn 13.7% equity • 31.12.2024: CHF 7.3 bn • FY 2024: CHF 1 224 m Net profit (profit attributable to shareholders, excl. minorities) • FY 2024: 16.6% (based on averag
Slide 20: Cash remittance to Holding
Capital, cash Cash remittance to Holding and payout Cash remittance to Holding Share buyback programme CHF billion +14% One-off effects: 1.31 CHF 0.14 bn1) • CHF 750 m 1.15 Amount (Dec 2024 – May 2026) 71% Life 63% Current • Shares repurchased in the amount of status CHF 133 m until 7 March 2025 17%
Slide 21: Proposed increase of dividend to shareholders by CHF 2.00 per share
Capital, cash Proposed increase of dividend to and payout shareholders by CHF 2.00 per share Dividend and share buybacks Dividend payment details CHF, per share Share buybacks1) 22.7 14.0 6.6 per share AGM • 14 May 2025 +2.00 35.00 33.00 Ex date • 16 May 2025 30.00 • 20 May 2025 • Dividends will be
Slide 22: Swiss Life 2024 successfully completed
Swiss Life 2024 successfully completed Financial ambitions and targets Target FY 2024 • Fee result FY 2024 CHF 850-900 m CHF 875 m Achieved Quality of earnings and earnings growth • RoE 10-12%1) 2) 16.6% Exceeded 2022-2024 • Cash to Holding CHF 2.8-3.0 bn CHF 3.5 bn3) Exceeded Cumulative 2022-2024 C
Slide 23: Abbreviations
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 currency AuM Assets under management m Million
Slide 24: 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 25: We enable people to lead a financially self-determined life.
We enable people to lead a financially self-determined life.