Swiss Life Holding Ag · SIX:SLHN
Swiss Life — H1 2024 Earnings Presentation
22 slides from Swiss Life's earnings presentation, Sep 3, 2024
Slide 1: Extract from investor presentation for media representatives
Extract from investor presentation for media representatives 3 September 2024
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 | Half-year results 2024
Slide 3: HY 2024: substantially higher fee result, cash to Holding and RoE
HY 2024: substantially higher fee result, cash to Holding and RoE Net profit, RoE Fee result CHF m, % Net profit CHF m 0% RoE 850-900 630 632 321) +17% 10-12% 395 338 15.8% 17.8% HY 2023 HY 2024 Target 2022-2024 HY 20232) HY 2024 Target 2024 Cash to Holding SST ratio CHF m % 2.8-3.0 bn 212% ~205% 14
Slide 4: Agenda
Agenda Overview Matthias Aellig, Group CEO Financial results and strategy update Marco Gerussi, Group CFO 4 | Extract from investor presentation for media representatives | Half-year results 2024
Slide 5: Selected P&L and other figures
Selected P&L and other figures Selected P&L figures CHF million (IFRS basis) HY 2023 HY 2024 Insurance revenue 4 495 4 539 thereof CSM release 666 618 Insurance service expenses -3 695 -3 793 thereof claims and benefits -2 840 -2 884 Net investment result 70 491 Profit from operations 836 883 Borrow
Slide 6: Business review Switzerland
Business review Switzerland CHF million HY 2023 HY 2024 Change GWP incl. PHD 6 044 6 086 +1% • GL: -1% (market 0%), lower premiums in the full insurance business; AuM in semi-autonomous business increased to CHF 7.6 bn (FY 23: CHF 7.1 bn) • IL: +10% (market +3%) driven by higher single premiums Fee
Slide 7: Business review France
Business review France EUR million HY 2023 HY 2024 Change GWP incl. PHD 3 417 3 784 +11% • Life: +12% (market +13%); UL share of 66% (market 38%) • Health & protection: +6% (market +9%) • P&C: +7% Fee and commission 229 295 +29% • Strong net inflows and positive market effects in UL income1) busines
Slide 8: Business review Germany
Business review Germany EUR million HY 2023 HY 2024 Change GWP incl. PHD 719 739 +3% • Higher premiums with modern, modern-traditional and disability products (market -3%) Fee and commission 379 400 +5% • Driven by owned IFAs based on higher productivity and income1) increased revenues due to specif
Slide 9: Business review International
Business review International EUR million HY 2023 HY 2024 Change GWP incl. PHD 1 391 1 306 -6% • Higher premiums from business with corporate clients, in particular due to elipsLife; lower premiums with private clients Fee and commission 198 192 -3% • Shift from fee income to risk premiums in corpor
Slide 10: Business review Asset Managers (1/2)
Business review Asset Managers (1/2) CHF million HY 2023 HY 2024 Change Commission and 441 506 +15% • PAM: higher recurring fee income and higher real estate other net income1) transaction income PAM 154 177 +15% • TPAM: substantially higher other net income from real 288 329 +14% estate project dev
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) 6.9 116.7 111.8 102.8 105.4 1.3 1.0 0.4 0.2 Real estate 1.2 Infrastructure 3.3 Balanced mandates 0.7 Equity 0.2 Bonds 0.4 Money market funds 0
Slide 12: Investment portfolio
Investment portfolio Insurance portfolio for own risk (PAM AuM) CHF million (fair value basis) 143 957 145 442 Equities & equity funds 7.8% 8.8% Alternative investments 3.0% 3.3% Real estate 27.7% 27.3% Mortgages 7.4% 7.4% Loans 2.9% 2.8% Government & supranational bonds 23.6% 23.3% 50.0% 48.5% Corp
Slide 13: CSM development
CSM development CSM development (pre-tax, gross) CHF billion (IFRS basis) +0.1 +0.4 15.9 +0.3 -0.3 15.4 15.3 +0.7 -0.6 CSM Expected New business Experience Economic CSM before Release CSM 31.12.20231) business adjustments and other release to P&L 30.06.20242) contribution and updates non-operating o
Slide 14: Group SST ratio as of 30 June 2024
Group SST ratio as of 30 June 2024 Swiss Life Group Swiss Life Group SST sensitivities SST standard model (as of 30.06.2024) 212% as of 01.01.2024 Real estate -10% -23 ppts ~205% as of 30.06.2024 Capital management actions 190% Credit spreads1) +100 bps -10 ppts Ambition Dividend payout ratio accord
Slide 15: Fee and commission income
Quality of earnings Fee and commission income and earnings growth Fee and commission income1) CHF million (IFRS basis) +5% +7% LC Local 1 261 currency 1 202 Swiss Life Asset 456 +4% • Higher PAM commission income 439 Managers 561 +2% Owned IFA channels • Higher revenues from CH, DE and IN 560 Own an
Slide 16: 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) +7% +17% 883 395 828 338 395 Fee result 154 AM 338 119 100 Owned IFAs 99 Operating result 549 553 Own and third-par
Slide 17: Return on equity
Capital, cash Return on equity and payout Return on equity, annualised HY 2024 calculation % (IFRS basis) 17.8% 15.8% Shareholders’ • 01.01.2024: CHF 7.5 bn equity • 30.06.2024: CHF 7.0 bn • HY 2024: CHF 619 m Net profit (profit attributable to shareholders, excl. minorities) • HY 2024: 17.8% (based
Slide 18: Cash remittance to Holding
Capital, cash Cash remittance to Holding and payout Cash remittance to Holding Cumulative cash remittance to Holding CHF million CHF billion 1.3 3.4 +19% 2.8-3.0 1 263 1.2 1 061 1.0 69% Life 66% FY 2022 FY 2023 HY 2024 Cumulative Cumulative 2022-20241) target 2022-2024 14% 12% Owned IFAs, non-life C
Slide 19: Swiss Life 2024 programme well on track
Swiss Life 2024 programme well on track 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 Exceeded Cumulative 2022-2024 Capital, cash • D
Slide 20: Abbreviations
Abbreviations AGM Annual general meeting IFA Independent financial advisor ALM Asset and liability management IFRS International Financial Reporting Standards AM Business division Asset Managers IL Individual life APE Annual premium equivalent IN Business division International AuM Assets under mana
Slide 21: 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 22: We enable people to lead a self-determined life.
We enable people to lead a self-determined life.