Swiss Life Registers Growth in 2023 Despite Challenges in Real Estate

Swiss Life Holding AG announced its 2023 financial results, revealing an increase in net profit, cash remittance, and dividend, even as the real estate market posed challenges. The net profit rose by 8% to CHF 1.11 billion, with adjusted profit from operations slightly up by 1% at CHF 1.50 billion. Despite a robust performance, the fee result saw a decrease from CHF 765 million in the previous year to CHF 664 million, attributed mainly to a subdued real estate market in Germany and France.

The company also reported a significant return on equity of 13.7%, an improvement from the previous year's 12.1%, and a cash remittance to the holding company increased by 14% to CHF 1.15 billion. Swiss Life's solvency ratio remained strong at about 210%, and a dividend increase to CHF 33.00 per share was proposed, up from CHF 30.00 in the previous year.

Premiums in 2023 amounted to CHF 19.8 billion, marking a 3% increase in local currency. Direct investment income went up to CHF 3.99 billion, with a yield of 2.8%. Meanwhile, the corporate executive board saw a change, with Roman Stein appointed as the CEO of Swiss Life Switzerland, taking over from Markus Leibundgut.

Group CEO Patrick Frost shared confidence in meeting or exceeding the "Swiss Life 2024" program targets despite the challenges in achieving the fee result target. He credited the company's employees for their commitment to contributing to the annual results.