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Swiss Life Holding AG
/ Key word(s): Annual Results
BVG operating account 2021: Swiss Life posts a successful financial year with its full range for corporate clients
31.05.2022 / 07:00
- The need of SMEs and large companies for security in occupational provisions was reflected in the continued stable demand for full insurance solutions with comprehensive guarantees in 2021 too.
- Swiss Life again posted an increase in its portfolio of occupational provisions to 512 503 insured persons (+1,5%).
- Gross premiums fell by 14.6% to CHF 7.9 billion due to smaller market movements and, as a result, lower single premiums from full insurance.
- Assets under management in semi-autonomous business increased to CHF 5.6 billion (year-end 2020: CHF 4.8 billion); for the most part, this business is not reported as premiums. The share of new business rose to 67% (2020: 48%).
Swiss Life generated a positive operating result of CHF 124 million with its group insurance in the past financial year (2020: CHF 115 million). With an increase in the number of insured persons to 512 503 (+1,5%) in occupational provisions, it again recorded portfolio growth. The continuation of a prudent underwriting policy also had a positive impact on business quality in 2021. Hans-Jakob Stahel, Head of Corporate Clients at Swiss Life Switzerland: "By continuing to focus on the healthy development of the group insurance portfolio, we are ensuring continuity and financial solidity for our corporate clients."
Increasing income from risk and cost premiums
Swiss Life increased income from risk premiums in 2021 to CHF 745 million (2020: CHF 719 million) and income from cost premiums to CHF 232 million (2020: CHF 227 million). Further growth with semi-autonomous solutions contributed to this development. Gross premiums fell by 14.6% to CHF 7.9 billion. This is due on the one hand to smaller market movements and the resulting lower single premiums from full insurance, and on the other hand to the higher share of semi-autonomous solutions. Assets under management in semi-autonomous business increased to CHF 5.6 billion in 2021 (year-end 2020: CHF 4.8 billion); for the most part, this business is not reported as premiums.
Solid investment return, increased allocation to bonus reserve
By achieving a dividend payout ratio of 95%, Swiss Life complied with legal requirements. Insured persons received CHF 136 million from the bonus reserve in 2021 (2020: CHF 128 million). CHF 150 million was allocated to the bonus reserve, representing an increase of CHF 30 million compared to the previous year. The net investment yield was 1.86%. "Thanks to an unchanged target-oriented and security-oriented investment policy, we have succeeded in generating solid returns for our insured persons," says Hans-Jakob Stahel. Following a continuous reduction in administrative costs in recent years, these increased by 3.4% in 2021, due to additional investments in the digital customer process, which further improves and simplifies customer access.
Full range as a strategic cornerstone – growth in semi-autonomous business
The full range for corporate clients with full insurance, semi-autonomous and risk reinsurance solutions, as well as services for pension funds, remains a strategic cornerstone for Swiss Life. This is reflected in the stable demand for guaranteed solutions and above-average growth in semi-autonomy: compared to the previous year, this segment's share of total new business rose again significantly to 67% (2020: 48%). This growth also includes the growing demand for individual 1e solutions, which increased by 29% in 2021. By the end of 2021, Swiss Life had a total of 8657 semi-autonomous affiliations, representing growth of 19% over the previous year.
BVG reform is imperative and urgent
There is no doubt as to the crucial and pressing need for action in reforming the 2nd pillar. In particular, Swiss Life expressly supports the lowering of the BVG minimum conversion rate and the safeguarding of the pension level – both over the long term and for the transitional generation – through suitable compensatory measures. Hans-Jakob Stahel: "The draft must be financially acceptable for employees and employers but must also be designed in a socially acceptable manner. The transitional generation must be financed centrally via the BVG security fund. This is the only way to make the revision affordable for SME and industry employers and their employees."
Swiss Life
The Swiss Life Group is one of Europe's leading comprehensive life and pensions and financial solutions providers. In its core markets of Switzerland, France and Germany, Swiss Life offers individuals and corporations comprehensive and individual advice plus a broad range of own and partner products through its sales force and distribution partners such as brokers and banks.
Swiss Life Select, Tecis, Horbach, Proventus, Fincentrum and Chase de Vere advisors choose suitable products for customers from the market according to the Best Select approach. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products.
Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX Swiss Exchange (SLHN). The Swiss Life Group also includes various subsidiaries. The Group employs a workforce of around 10 000 and has at its disposal a distribution network of over 17 000 advisors.
Swiss Life corporate film
Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements, by their nature, are subject to known and unknown risks, uncertainties and other important factors. These may result in a substantial divergence between the actual results, developments and expectations of Swiss Life and those explicitly or implicitly described in these forward-looking statements. Given these uncertainties, the reader is reminded that these statements are merely projections and should not be overvalued. Neither Swiss Life nor its Members of the Board of Directors, executive managers, managers, employees or external advisors nor any other person associated with Swiss Life or with any other relationship to the company makes any express or implied representation or warranty as to the correctness or completeness of the information contained in this publication. Swiss Life and the abovementioned persons shall not be liable under any circumstances for any direct or indirect loss resulting from the use of this information. Furthermore, Swiss Life undertakes no obligation to publicly update or change any of these forward-looking statements, or to adjust them to reflect new information, future events, developments or similar.
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