Swiss Life increased net profit and fee income in 2018
Swiss Life in March 2019 announced that it has increased its net profit by 7% from CHF 1013 million to CHF 1080 million for the year 2018. Adjusted profit from operations increased by 4% to CHF 1553 million with a result in the savings segment of CHF 889 million. The risk segment result was CHF 410 million. Swiss Life achieved an increase of 8% over the previous year in its fee result to CHF 488 million.
- Switzerland, Swiss Life achieved a segment result of CHF 865 million, 4% higher than the same period last year. The savings result was CHF 628 million; the risk result was unchanged at CHF 251 million and the fee result increased to CHF 18 million
- France, Swiss Life grew its segment result by 2% to EUR 239 million. Growth in the fee result was up 12% at EUR 67 million. The risk result was 5% higher than in the previous year at EUR 95 million. The savings result (EUR 179 million) was practically at the same level as the previous year.
- Germany reported a segment result of EUR 123 million – minus 10% compared to the previous year. This was due to a lower savings result caused by a positive one-off effect in 2017 (EUR 17 million). Meanwhile, the fee result improved by 1% to EUR 58 million and the risk result by 16% to EUR 32 million.
- Swiss Life International achieved a segment result of EUR 58 million – up 27%. The fee result improved by 29% to EUR 41 million and the risk result by 75% to EUR 10 million.
- Swiss Life Asset Managers achieved a segment result of CHF 272 million, which was 5% higher than the previous year.
Strong growth in fee income
Swiss Life grew fee income by 6% in local currency to CHF 1615 million. Higher contributions from owned IFAs (+10%), from Swiss Life Asset Managers (+6%) and from own and third-party products and services (+2%) drove this growth. In 2018, Swiss Life reported premium growth of 2% in local currency to CHF 19.2 billion. Insurance reserves rose by 2% in local currency.
Of particular note:
- Swiss Life Switzerland achieved premiums of CHF 9.5 billion – plus 3%. Fee income was up 7% at CHF 247 million.
- France showed a 6% increase in premiums to EUR 5.1 billion. Fee income, meanwhile, remained slightly lower than the previous year at EUR 269 million (-1%).
- Germany, Swiss Life generated premiums of EUR 1.2 billion – an increase of 2%. Fee income increased by 10% to EUR 395 million.
- Swiss Life International fell by 11% to EUR 2.1 billion. Fee income, however, rose to EUR 225 million (+11%).