j
Pages last visited
DE R J (0)
« Business Review »

Segment Reporting

Swiss Life again posted strong growth for the 2018 financial year: adjusted profit from operations increased by 4% over the previous year to CHF 1553 million and net profit rose by 7% to CHF 1080 million.

In the Swiss domestic market, Swiss Life achieved a segment result of CHF 865 million, a rise of 4% over the previous year. In France, Swiss Life grew its segment result by 6% to CHF 277 million. Germany made a contribution of CHF 142 million. The decline of 7% is due to a one-off effect in the previous year. Swiss Life International increased its segment result by 32% to CHF 67 million and Swiss Life Asset Managers achieved a segment result of CHF 272 million, which was 5% higher than the previous year.

Swiss Life increased direct investment income from insurance business to CHF 4.4 billion (previous year: CHF 4.3 billion). That corresponds to a direct investment yield of 2.9% (previous year: 2.8%). The net investment yield at the end of 2018 was 3.0% (previous year: 2.5%).

Swiss Life was able to increase its fee income by 6% to CHF 1615 million in local currency. This growth is due to higher contributions from owned IFAs (+10%), Swiss Life Asset Managers (+6%) and from own and third-party products and services (+2%). In 2018, Swiss Life saw premium growth of 2% in local currency to CHF 19.2 billion. Insurance reserves to the benefit of the company›s policyholders rose by 2% in local currency during the year under review.

As of 31 December 2018, Swiss Life Asset Managers had a total of CHF 233 billion in assets under management. Third-party assets under management at end of year were CHF 71 billion – a plus of 16% over the previous year.

Swiss Life’s segment reporting is on a country basis: Switzerland, France and Germany. It also discloses separately the results of its cross-border segments: International and Asset Managers.

Events after the reporting period

There were no events after the reporting period.

Key figures for the Swiss Life Group

Amounts in CHF million20182017+/–
GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED19 21818 5654%
Net earned premiums13 15712 7913%
Fee and commission income1 6151 46910%
Financial result5 0034 39514%
Other income286113n/a
TOTAL INCOME20 06218 7697%
Net insurance benefits and claims–13 961–13 1896%
Policyholder participation–1 155–94922%
Interest expense–143–144–1%
Operating expense–3 268–2 84215%
TOTAL EXPENSE–18 527–17 2927%
PROFIT FROM OPERATIONS1 5341 4764%
NET PROFIT1 0801 0137%
Equity15 03415 583–4%
Insurance reserves170 048171 649–1%
Assets under management254 200245 6753%
Assets under control277 040269 2553%
Return on equity (in %) 19.19.3–0.2 ppt
Number of employees (full-time equivalents)8 6247 9798%