Swiss Life Holding Ag · SIX:SLHN
Swiss Life — FY 2024 Earnings Presentation
72 slides from Swiss Life's earnings presentation, Mar 14, 2025
Slide 1: Full-year results 2024 Investor presentation
Full-year results 2024 Investor presentation 14 March 2025
Slide 2: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 2 | Investor presentation | 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 | Investor presentation | 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: Adjusted profit from operations
Adjusted profit from operations Profit from operations Adjusted profit from operations CHF million (IFRS basis) CHF million (IFRS basis) FX translation effect: CHF -9 m +19% +20% 1 783 1 783 1 497 1 488 FY 2023 FY 2024 FY 2023 FY 2024 8 | Investor presentation | Full-year results 2024
Slide 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: Operating expense
Operating expense Operating expense (excl. variable expense) CHF million (IFRS basis) +5% +6% LC 2 066 1 961 • Driven by business growth and investments 461 CH in growth initiatives 431 385 FR 373 282 286 DE 173 IN 190 565 603 AM UCC1), Other2) and 119 159 eliminations FY 2023 FY 2024 1) Unallocated
Slide 16: Investment income
Investment income Insurance portfolio for own risk (PAM AuM) CHF million, yields in % (IFRS basis) FY 2023 FY 2024 Direct investment income 3 988 4 133 Direct investment yield 2.8% 2.9% Expense -440 -477 Net capital gains and losses1) -938 71 Net investment income 2 610 3 727 Net investment yield 1.
Slide 17: 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 18: Insurance reserves per component and division
Insurance reserves per component and division Insurance reserves per component Insurance reserves per division CHF billion (IFRS basis) CHF billion (IFRS basis) +2% +2% +1% LC +1% LC 178.0 181.2 178.0 181.2 CH (-1% LC) FR (+7% LC) 103.2 DE (+1% LC) 104.1 IN (+2% LC) 144.1 148.4 BEL1) CSM 36.2 39.3 R
Slide 19: 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 20: Value of new business
Value of new business Value of new business (VNB) CHF million (MCEV basis) 515 0 Economic variances • Positive FX effects offset by lower interest rates 460 Volume, business mix and pricing variances -46 -9 • CH: Lower volumes and business mix effects • FR: Higher volumes in life with higher UL shar
Slide 21: Shareholders' equity
Shareholders’ equity Shareholders’ equity CHF million (IFRS basis) +233 7 499 +1 224 7 271 -535 -945 -189 -16 01.01.2024 Change in Change in Dividend Share buyback Interest on Profit 31.12.2024 foreign other OCI hybrid equity attributable currency and other to share- translation holders 21 | Investo
Slide 22: Capital structure
Capital structure Capital structure1) (IFRS basis) CHF 24.1 bn 5 548 Senior & 12% 20-30% Carrying value (CHF m) hybrid 11% 2 809 Senior CSM (post-tax)2) 47% 70-80% Shareholders’ 2 739 Hybrid 30% equity Reference level FY 2024 FY 2024 Maturities (senior) and next optional call dates (hybrid) (nominal
Slide 23: 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 24: Swiss Life 2024 programme: financial targets
Swiss Life 2024 programme: financial targets Financial ambitions and targets, as disclosed at Investor Day in November 2021 • Fee result CHF 850-900 m FY 2024 Quality of earnings and earnings growth • RoE 10-12%1) 2) 2022-2024 • Cash to Holding CHF 2.8-3.0 bn Cumulative 2022-2024 Capital, cash • Div
Slide 25: 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 26: 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 27: Operating result insurance business
Quality of earnings Operating result insurance business and earnings growth Components of FY 2024 operating result insurance business CHF million (IFRS basis) • RA release of CHF +18 m • FR non-life operating result of CHF +111 m • Further contributions, incl. from assets not backing life insurance
Slide 28: 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 29: 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 30: 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 31: 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 32: Supplementary information
Full-year results 2024 Investor presentation Supplementary information
Slide 33: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 33 | Investor presentation | Full-year results 2024
Slide 34: Adjusted net profit
Adjusted net profit Net profit Adjusted net profit CHF million (IFRS basis) CHF million (IFRS basis) Extraordinary tax provision release: CHF -33 m FX translation effect: CHF -5 m +13% +18% 1 261 1 261 1 111 1 073 FY 2023 FY 2024 FY 2023 FY 2024 34 | Investor presentation | Full-year results 2024
Slide 35: Premiums and fee and commission income
Premiums and fee and commission income GWP incl. PHD Fee and commission income1) CHF million CHF million (IFRS basis) +2% +4% +3% LC +5% LC 19 841 20 330 2 492 2 397 339 326 CH 516 CH 9 911 FR 471 FR 9 942 DE 783 DE 713 IN IN Eliminations 375 363 AM 7 408 Other & 6 795 eliminations 914 959 1 416 1 4
Slide 36: Details of net investment income
Details of net investment income FY 2024 insurance portfolio for own risk (PAM AuM) CHF million (IFRS basis) Direct Net Impairments Gains and losses through investment investment (change in ECL) income statement income income On On Total underlying derivatives Bonds 2 358 -79 20 0 20 2 299 Equities
Slide 37: Additional CSM details
Additional CSM details CSM per business division CSM per component CSM sensitivities CHF billion (IFRS basis) CHF billion (IFRS basis) (as of 31.12.2024) -7% -7% -7% LC -7% LC 15.4 15.4 14.4 14.4 Real estate -10% -6% 10.8 9.5 Interest rates -50 bps -2% 12.4 11.4 Equities -30% -8% 2.9 3.2 1.6 3.0 2.9
Slide 38: Swiss Life Group reserves subject to BVG minimum interest rates
Swiss Life Group reserves subject to BVG minimum interest rates Breakdown of insurance reserves (incl. unit-linked) CHF billion (statutory basis), as of 31.12.2024 0.9 Non-life 44.4 Unit-linked business Europe 38.7 Total Group Individual 177.3 19.3 Traditional business Annuitised 132.1 & other Guara
Slide 39: Average technical interest rate
Average technical interest rate Development since 2010 % (statutory basis) 01.01.2010 – 01.01.2025: • FX translation effect -6 bps • Reserve strengthening / release -70 bps 2.60% • Mandatory GL CH -11 bps 01.01.2024 – 01.01.2025: • Non-mandatory GL CH -15 bps • FX translation effect 0 bps 2.12% • Bu
Slide 40: Yield development
Yield development Direct and net investment yield % (IFRS basis) 4.0 3.8% 3.7% 3.3% 3.0% 2.9% 2.8% 2.8% 2.9% 2.9% 3.0 3.3% 2.7% 3.0% 3.0% 2.9% 2.4% 2.8% 2.5% 2.0 2.3% 2.6% 2.2% 2.5% 1.8% 1.0 0.0 -1.0 31.12.14 31.12.15 31.12.16 31.12.17 31.12.18 31.12.19 31.12.20 31.12.21 31.12.22 31.12.23 31.12.24 D
Slide 41: Switzerland: Statutory group business (BVG)
Switzerland: Statutory group business (BVG) BVG operating income total group business CHF million (statutory basis) FY 2023 FY 2024 Gross revenue 1 753 100% 1 928 100% Total insurance benefits 1 672 95.4% 1 835 95.2% paid (incl. bonuses) Operating income 81 93 group business (legal quote) Operating
Slide 42: Profit from operations
Profit from operations Segment results (reported vs. adjusted) CHF million (IFRS basis) FY 2023 FY 2024 Change Segments reported adjusted1) reported reported adjusted Switzerland 839 839 854 +2% +2% France 199 195 319 +60% +64% Germany 187 183 184 -2% 0% International 98 96 113 +15% +18% Asset Manag
Slide 43: Composition of segment results
Composition of segment results Segment results (IFRS basis) Asset Switzerland France Germany International Managers CHF m EUR m EUR m EUR m CHF m 839 854 335 192 193 118 446 55 55 100 182 Fee result 115 120 205 272 90 72 784 799 161 Operating result 152 77 72 insurance business 29 28 44 FY 2023 FY 2
Slide 44: Additional information on Swiss Life AG
Additional information on Swiss Life AG Swiss Life AG: net profit Swiss Life AG: dividend remitted to Holding CHF million (statutory basis) CHF million Extraordinary Non-remitted tax provision part of the release: -1% 2022 net profit: -9% CHF 33 m 929 924 CHF 83 m 1 012 924 FY 2023 FY 2024 FY 2023 F
Slide 45: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 45 | Investor presentation | Full-year results 2024
Slide 46: Assets under management and administration
Assets under management and administration CHF billion (fair value basis), as of 31.12.2024 293.1 272.3 20.8 108.4 Total real estate under 87.7 Real estate management and administration under management (both PAM & TPAM) Share of real estate Share of real estate Share of real estate by managing coun
Slide 47: TPAM: change analysis of AuM
TPAM TPAM: change analysis of AuM TPAM assets under management (AuM) CHF billion (fair value basis), as of 31.12.2024 FY 2023 FY 2024 Change (bn) Total beginning of period 105.4 111.8 +6.4 Net new assets 9.8 9.5 Market performance 0.4 3.4 FX translation effects -3.8 0.6 Scope change - -0.6 Total end
Slide 48: TPAM: AuM and NNA
TPAM TPAM: AuM and NNA TPAM AuM: CHF 124.7 bn as of 31.12.2024 TPAM NNA: CHF 9.5 bn, FY 2024 (fair value basis) (fair value basis) Breakdown by asset class Breakdown by asset class Real estate 18% Real estate 37% 9% Infrastructure Infrastructure 8% Multi assets Multi assets Equity 46% Equity 18% 11%
Slide 49: Bond portfolio: ratings and classification
PAM Bond portfolio: ratings and classification Total bond portfolio (fair value basis) 47.2% of insurance portfolio for own risk (CHF 69.6 bn) Insurance portfolio for own risk CHF 147.6 bn Breakdown by rating Breakdown by classification B BB 4% 7% AAA BBB 35% 19% 48% 52% Bonds 47.2% 13% A 22% Govern
Slide 50: Government & supranational bonds: ratings and currency
PAM Government & supranational bonds: ratings and currency Government and supranational bond portfolio (fair value basis) 22.5% of insurance portfolio for own risk (CHF 33.4 bn) Insurance portfolio for own risk CHF 147.6 bn Breakdown by rating Breakdown by currency BBB BB A 1% 5% 3% 36% CHF 47% Gove
Slide 51: Corporate bond portfolio: ratings and currency
PAM Corporate bond portfolio: ratings and currency Corporate bond portfolio1) (fair value basis) 24.7% of insurance portfolio for own risk (CHF 36.2 bn) Insurance portfolio for own risk CHF 147.6 bn Breakdown by rating Breakdown by currency B AAA 7% BB 19% 14% EUR 26% 34% CHF 5% AA 1% 21% 1% 34% A O
Slide 52: Corporate bond portfolio: industry split
PAM Corporate bond portfolio: industry split Corporate bond portfolio1) (fair value basis), as of 31.12.2024 24.7% of insurance portfolio for own risk (CHF 36.2 bn) Breakdown by industry (in % of total corporate bond portfolio) Banks 33% Breakdown by rating Breakdown by structure Other financials 6%
Slide 53: Loan and mortgage portfolio
PAM Loan and mortgage portfolio Loan and mortgage portfolio (fair value basis) 9.9% of insurance portfolio for own risk (CHF 14.7 bn) Insurance portfolio for own risk CHF 147.6 bn Breakdown by country Breakdown by type Purchased loans Germany 22% 20% Mortgages 7.4% Other Loans 2.5% 5% loans France 4
Slide 54: Real estate portfolio
PAM Real estate portfolio Real estate portfolio (fair value basis) 27.3% of insurance portfolio for own risk (CHF 40.2 bn) Insurance portfolio for own risk CHF 147.6 bn Breakdown by country Breakdown by type Other Germany 2% Residential Real estate 27.3% 10% Office France 10% 36% 34% 78% 14% 16% Swi
Slide 55: Real estate portfolio (additional details)
PAM Real estate portfolio (additional details) Real estate exposure Real estate direct investment income1) Real estate direct investment yield1) CHF bn CHF m %, based on average exposure +1% +2% LC 39.8 40.2 1 056 1 071 2.60% 2.67% FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Vacancy rate Fair va
Slide 56: Equities and alternative investments: gross exposure
PAM Equities and alternative investments: gross exposure Equity & equity funds portfolio (fair value basis) Alternative investments portfolio (fair value basis) 9.9% of insurance portfolio for own risk (CHF 14.6 bn) 3.5% of insurance portfolio for own risk (CHF 5.2 bn) Insurance portfolio for own ri
Slide 57: Forex and interest rates
Forex and interest rates Foreign currency exchange rates 31.12.2023 30.06.2024 31.12.2024 01.01. – 31.12.2023 01.01. – 31.12.2024 EUR 0.9285 0.9629 0.9394 0.9718 0.9529 GBP 1.0711 1.1360 1.1364 1.1178 1.1258 USD 0.8392 0.8986 0.9078 0.8986 0.8809 Interest rates (10-year government bond) 31.12.2023 3
Slide 58: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 58 | Investor presentation | Full-year results 2024
Slide 59: New business margin development
New business margin development New business margin (NBM) (VNB in % PVNBP) 4.0% 3.6% -0.1% -0.2% -0.1% Ambition (1.5%) Hurdle rate (1.0%) FY 2023 Economic & FX Volume, business Expense & FY 2024 mix and pricing actuarial assumption variances 515 VNB 460 12 930 PVNBP 12 762 1 396 APE 1 506 36.9% New
Slide 60: Value of new business per division
Value of new business per division Value of new business (VNB) CHF million (MCEV basis) Switzerland France Germany International Total 515 460 234 189 171 184 57 43 53 43 PVNBP 4 035 3 936 6 267 6 425 1 718 1 401 911 1000 12 930 12 762 APE 316 331 814 783 114 98 152 294 1 396 1 506 NBM in % PVNBP 5.
Slide 61: VNB and new business CSM
VNB and new business CSM FY 2024 value of new business (VNB) / new business CSM CHF million (MCEV / IFRS basis) +106 693 +71 +133 460 384 -76 VNB Scope VNB Tax Non-allocated Other New business (comparable expenses measurement CSM scope to new differences business CSM) 61 | Investor presentation | Fu
Slide 62: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 62 | Investor presentation | Full-year results 2024
Slide 63: Swiss Life 2027 strategic actions to drive business growth
Swiss Life 2027 strategic actions to drive business growth We enable people to lead a financially self-determined life Strategic actions Financial ambitions Customer Expanding customer base and relationships Earnings Enhanced quality and growth Advisor Growing advisor base and productivity Capital a
Slide 64: Sustainability goals are anchored in our business
Sustainability goals are anchored in our business Business behaviour Asset manager & owner Offering Swiss Life 2024 Achieved On track Achieved Expand offering with sustainability Reduce CO2 emissions Reduce CO2 intensity for directly solutions and integrate sustainability per FTE by 35% by 20241) ow
Slide 65: Swiss Life contributes to transparency and comparability through its reporting
Swiss Life contributes to transparency and comparability through its reporting Sustainability reporting • Swiss Life’s Sustainability reporting is in accordance with the major standards and regulations such as: − standards of the Global Reporting Initiative (GRI) − standards for the insurance indust
Slide 66: Swiss Life engages in many sustainability initiatives and networks
Swiss Life engages in many sustainability initiatives and networks 66 | Investor presentation | Full-year results 2024
Slide 67: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 67 | Investor presentation | Full-year results 2024
Slide 68: 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 69: 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 70: Supplementary information
Supplementary information Profit & loss and balance sheet Investments Value of new business Sustainability Abbreviations and disclaimer Contact details and financial calendar 70 | Investor presentation | Full-year results 2024
Slide 71: Contact details and financial calendar
Contact details and financial calendar Contact Olga Schmidtberger Phone +41 (43) 284 67 67 Head of Investor Relations E-mail olga.schmidtberger@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 7
Slide 72: We enable people to lead a financially self-determined life.
We enable people to lead a financially self-determined life.