The Asset Managers segment comprises Swiss Life’s Group-wide asset management and real estate services activities.
In 2020, Swiss Life Asset Managers achieved a segment result of CHF 345 million (previous year: CHF 309 million), which corresponds to an increase of 12%. Fee income in the year under review increased by 6% to CHF 886 million overall. The growth stems from third-party asset management. Fee income from insurance business remained constant. Operating costs, meanwhile, rose by 8%, of which just under a third was attributable to higher capital expenditure for projects.
Assets under management by Swiss Life Asset Managers came to CHF 269.7 billion at the end of 2020. Assets from insurance business climbed by around CHF 6.8 billion to CHF 178.1 billion. Due to the regulatory operating conditions long-term nature of its liabilities, Swiss Life invests especially in fixed-income securities, which accounted for an unchanged share of the portfolio at the end of 2020 (57%). The real estate holding increased further from 21% to 22% and the net equity holding was under 4% as at 31 December 2020.
Third-party business again grew vigorously: Swiss Life Asset Managers had third-party assets of CHF 91.6 billion under management at the end of 2020, an increase of 10% compared to the end of the previous year. This growth is primarily due to net new assets of CHF 7.5 billion. Real estate and infrastructure products in particular experienced strong demand.
In 2018, Swiss Life Asset Managers signed up to the United Nations-supported Principles for Responsible Investment (PRI) and became, inter alia, a member of the Global Real Estate Sustainability Benchmark (GRESB). In line with its responsible investment strategy, Swiss Life Asset Managers has continuously developed its product offering to meet increased customer demand for sustainable products and has launched new investment products. Today, clients have the opportunity to invest in a broad range of sustainable securities, real estate and infrastructure funds, thus contributing to sustainable development through their investments.
The expansion of the pan-European real estate funds, investing in real estate in various European countries, was pursued further in 2020. Due to the persistently high competitive pressure in the real estate market, the consistent implementation of risk and return specifications remains key for acquisitions. As one of Europe’s leading real estate investors, Swiss Life Asset Managers was in close contact with its tenants during the Covid-19 pandemic. Swiss Life has provided constructive and pragmatic solutions to tenants experiencing difficulties as a result of the measures taken to contain the pandemic. Swiss Life assumes that demand for high-quality real estate will remain intact in view of the prevailing low interest rate environment for the foreseeable future.
Key figures for Asset Managers
|Amounts in CHF million||2020||2019||+/-|
|Fee and commission income||886||833||6%|
|TOTAL INCOME||1 061||905||17%|
|Assets under management||269 720||254 400||6%|
|Number of employees (full-time equivalents)||2 384||2 174||10%|