The Asset Managers segment comprises Swiss Life’s Group-wide asset management and real estate services activities.
In 2019, Swiss Life Asset Managers posted a segment result of CHF 309 million (previous year: CHF 272 million), corresponding to a 14% increase. Fee income in the year under review increased by 20% to CHF 833 million overall, of which half is attributable to organic growth. Consolidation effects and the acquisition of Beos contributed also to that. Meanwhile operating costs rose by 20%, of which just under 80% was due to the newly included companies.
Assets under management by Swiss Life Asset Managers came to CHF 254.4 billion at the end of 2019. Assets from insurance business climbed by around CHF 9.9 billion to CHF 171.4 billion. Due to the long-term nature of its liabilities, Swiss Life invests especially in fixed-income securities, which at the end of 2019 made up 57% of its portfolio. The real estate holding increased further from 20% to 21% and the net equity holding was 4% as at 31 December 2019.
Third-party business grew vigorously: Swiss Life Asset Managers had third-party assets of CHF 83.0 billion under management at the end of 2019, an increase of 17% compared with the previous year. This growth is primarily due to net new assets of CHF 8.9 billion. Demand was strong for all investment classes, especially real-estate products.
In 2018 Swiss Life Asset Managers signed up to the United Nations-supported Principles for Responsible Investment (PRI) and became a member of the Global Real Estate Sustainability Benchmark (GRESB). With its acquisition of Fontavis AG as of 1 October 2019, Swiss Life Asset Managers enhanced its real estate competency and facilitates access for institutional investors to sustainable investment solutions in the energy and infrastructure sector. Fontavis develops and manages investment solutions in the areas of hydropower, wind parks, power grids, local heat networks and district heating grids, solar installations, recycling plants and other infrastructure facilities.
The expansion of the pan-European real estate funds, investing in real estate in various European countries, was pursued further in 2019. Growth and increasing demand in the competitive real estate business prompted Swiss Life Asset Managers to introduce a new property management solution during the year under review, to further enhance the quality of its European fund and asset administration.
Key figures for Asset Managers
|Amounts in CHF million||2019||2018||+/-|
|Fee and commission income||833||697||20%|
|Assets under management||254 400||232 637||9%|
|Number of employees (full-time equivalents)||2 174||1 719||26%|