Half Year 2024 Swiss Life Holding AG Earnings Call Transcript
Key Points
- Fee result increased by 17% to CHF395 million, driven by higher contributions from asset managers and France.
- Cash remittance grew by 19% to well over CHF1.2 billion.
- Annualized return on equity was at 17.8%, well above the target range of 10% to 12%.
- Net profit for the half year was stable at CHF632 million, with an adjusted increase of 7% year on year.
- Half year SST ratio of around 205% remained well above the ambition range.
- Insurance service expenses increased in line with insurance revenue to CHF3.8 billion.
- Adjusted profit from operations decreased by 7% year on year, considering negative FX translation effects.
- Value of new business decreased by 5% to CHF190 million, mainly due to business mix and pricing effects as well as lower interest rates.
- Fee and commission income in the International segment was down by 3% to CHF192 million.
- Shareholders' equity decreased by 7% to CHF7 billion compared to year-end 2023, largely driven by dividend payment and share buyback.
Good morning. Thank you for taking the time to join us today, and welcome to our conference call on the 2024 half-year results.
Let me start with a quick overview on slide 3. Our CFO, Marco Gerussi, will then comment on our performance in more detail. I'm very pleased with the development of Swiss Life in the first six months of 2024. First, fee result increased by 17% to CHF395 million, driven by higher contributions from asset managers and France. Second, cash remittance grew by 19% to well over CHF1.2 billion.
This is a very pleasing figure. The fact that the full year 2023 call, it includes two positive one-off effects of about CHF0.12 billion. Taking the past 2.5 years of cash remittances together, we arrive at a cumulative remittance of CHF3.4 billion.
We have thus already exceeded our cumulative target of CHF2.8 billion to CHF3 billion. This is a strong achievement. Our business divisions have done a great job navigating the changes in the interest rate environment. Third, the annualized return on
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