Swiss Life Holding AG (0QMG) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Thank you for dialing in and for your interest in Swiss life. Today, we are reporting on selected top line figures for the first quarter of 2025. We will focus, as usual, on fee income, premiums, and direct investment income. I will provide a quick overview of today's key messages, and our group CFO, Marco Gerussi, will walk you through the segments. We had a good start to the year. In the first three months of 2025, Swiss Life increased its fee and commission income by 3% to $659 million. Drivers were owned and third-party products and services, as well as asset managers. Cross-written premiums, fees and deposits received increased by 6% to $7.9 billion. All business divisions contributed to the growth. Direct investment income grew by 6 percent to 1.1 billion, which corresponds to a non-annualized direct investment yield of 0.8 percent. Swiss Life Asset Managers had a very strong net new asset inflow of 9.3 billion in third-party asset management compared to 0.7 billion in the prior year period. The SST ratio was estimated to be around 200% at the end of March 2025. With that, I hand over to Marco. Thank you, Matthias, and also good morning from my side, dear ladies and gentlemen. I am pleased with our good start into the financial year 2025, and with that also the good beginning of our Swiss Life 2027 program. As usual, group figures are reported in Swiss francs and for each business division in local currency. Figures are unaudited and growth rates are mentioned in local currency. Let me start with our segment Switzerland. Premiums increased by 3% to 4.5 billion, while the life insurance market remained unchanged. Premiums in group life increased by 3% to 4.1 billion, while the market decreased by 1%. Periodic premiums declined...