Full Year 2024 Swiss Life Holding AG Earnings Call Transcript
Key Points
- Swiss Life Holding AG (SWSDF) delivered a strong set of full-year results for 2024, with a 20% growth in profit from operations to CHF1.78 billion.
- The company successfully completed its Swiss Life 2024 program, exceeding all group financial targets, including return on equity, cash remittance, dividend payout ratio, and share buyback.
- Net profit increased by 13% to CHF1.26 billion, with a return on equity of 16.6%, well above the target range of 10% to 12%.
- Cash remittance grew by 14% to CHF1.3 billion, supported by positive timing effects and one-off contributions.
- The company announced an ambitious new program, Swiss Life 2027, focusing on more customers, more advisors, and more efficiency to drive business growth and shareholder returns.
- Revenues decreased by 1% to CHF8.7 billion due to lower CSM release and FX effects.
- The value of new business decreased by 19% to CHF189 million, mainly due to lower volumes and business mix effects.
- Operating expenses increased by 6% in local currency to CHF2.1 billion due to business growth and investments in growth initiatives.
- The net investment result was impacted by lower income from alternative investments, despite higher contributions from bonds, equities, and real estate.
- Shareholder equity decreased by 3% to CHF7.3 billion, largely due to dividend payments, changes in other OCI, and share buybacks.
Dear analysts and investors, good morning. Thank you for joining us and welcome to our conference call. Today, we report our results for the year 2024 which also marks the end of our Swiss Life 2024 program. I will provide you with a brief overview before handing over to our CFO, Marco Gerussi, for more details. I'm very pleased with Swiss Life in 2024, and I'm proud of what we have achieved.
First, we delivered a strong set of full-year results. Second, we successfully completed our three-year program, Swiss Life 2024. And third, we prepared an ambitious new program, which we presented last December, Swiss Life 2027.
Let me start with the highlights of our 2024 financial results. The fee result was up by 33% to CHF875 million, which is right in the middle of our CHF50 million to CHF900 million target range for 2024. The increase was largely driven by a strong contribution from asset managers. They delivered more TPAM, non-recurring income than what we indicated to you throughout the year. The operating result
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