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Asset Managers

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The Asset Managers segment comprises Swiss Life’s Group-wide asset management activities.

In 2016 Swiss Life Asset Managers posted a segment result of CHF 243 million (2015: CHF 242 million). Adjusted for the extraordinary foreign currency profit in 2015 (CHF 17 million), this corresponds to a rise of CHF 18 million, or 8%. Assets under management by Swiss Life Asset Managers increased overall by CHF 18.9 billion to CHF 204.2 billion. Proprietary assets rose to CHF 154.6 billion and assets invested in investment funds and third-party customer mandates increased to CHF 49.6 billion. Revenues grew by 5% during the year under review. Adjusted operating costs rose by 8%, driven by continuing growth in third-party business, mainly in the real estate area.

The expansion of third-party business led to a net inflow in assets under management of CHF 8.5 billion. This was due principally to the growth of institutional mandates and money market funds, in fixed income and real estate products.

In November 2016 Swiss Life Asset Managers acquired London-based Mayfair Capital Investment Management Ltd., an independent real estate management company with 16 employees and some GBP 1 billion in real estate investments under management. Mayfair Capital serves a variety of customers, with a focus on British institutional investors. In Germany Swiss Life was granted approval by the supervisory authority in November 2016 to administer real estate funds via a proprietary investment management company. Swiss Life Asset Managers intends to use this company to join its German subsidiary Corpus Sireo in promoting business with institutional and private investors in one of Europe’s leading investment markets. Thanks to these new markets and customer segments, as well as increased cross-border collaboration, Swiss Life Asset Managers has been able to lay the groundwork for further growth in third-party business and the expansion of its own position in its core markets.

Key figures for Asset Managers

Amounts in CHF million20162015+/-
Fee and commission income5915606%
Financial result449%
Other income2428–15%
Interest expense–2–136%
Operating expense–373–3487%
Assets under management204 188185 28610%
Number of employees (full-time equivalents)1 4841 34410%

1 adjusted for the Group’s internal trademark fees, both levied
and received (Swiss Life brand)

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