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Swiss Life Annual Report 2019

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Swiss Life Annual Report 2019 Annual Report 2019 Contents 4 Facts & Figures 6 Shareholders’ Letter 8 Strategy & Brand 14 Segment Reporting 16 Switzerland 18 France 20 Germany 22 International 24 Asset Managers 26 Corporate Governance 32 Board of Directors 47 Corporate Executive Board 53 Swiss Life Compensation Report for the Financial Year 2019 70 Report of the Statutory Auditor 76 Risk Management 79 Sustainability Report 81 CEO Foreword 82 Sustainability at Swiss Life 90 Sustainability in Business 109 Sustainabilty in Society 117 Sustainabilty as an Employer 132 Sustainabilty in the Environment – Environmental and Climate Protection in Operational Ecology 136 Swiss Life’s Contribution to the Sustainable Development Goals (SDG) 138 UN Global Compact Progress Report 140 Information on Sustainability Reporting 141 Memberships 142 GRI Content Index 146 Key Sustainability Indicators 150 Consolidated Financial Statements 152 Consolidated Statement of Income 153 Consolidated Statement of Comprehensive Income 154 Consolidated Balance Sheet 156 Consolidated Statement of Cash Flows 158 Consolidated Statement of Changes in Equity 159 Notes to the Consolidated Financial Statements 305 Report of the Statutory Auditor 311 Swiss Life Holding Financial Statements 312 Management Report 313 Statement of Income 314 Balance Sheet 315 Notes to the Financial Statements 322 Appropriation of Profit 323 Report of the Statutory Auditor 327 Share Performance and Historical Comparison Swiss Life – Annual Report 2019 4 Facts & Figures Net profit Profit from operations In CHF million In CHF million 1 250 1 205 2 000 1 080 1 013 1 651 1 534 1 000 926 1 600 1 476 878 1 391 1 1 329 750 1 200 TBU TBU 500 800 250 400 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 1 adjusted Return on equity 1 Gross written premiums, policy fees and deposits received In % In CHF million 12.5 25 000 23 008 10.8 10.0 10.0 9.8 10 9.6 20 000 18 853 18 565 19 218 17 366 7.5 15 000 TBU TBU 5 10 000 2.5 5 000 0 0 2015 2016 2017 2018 2 2019 2 2015 2016 2017 2018 2019 1 equity excl. unrealised gains/losses on financial instruments 2 incl. share buy-back (2019: CHF 913 million / 2018: CHF 87 million) Fee and commission income Full-time equivalents by country In CHF million Total 9 330 as at 31.12.2019 2 000 1 820 Other 829 1 615 Switzerland 1 600 1 469 3 364 1 292 1 351 Germany 2 242 1 200 800 TBU Luxem- bourg 209 Liechtenstein 22 400 France 2 664 0 2015 2016 2017 2018 2019 Swiss Life – Annual Report 2019 5 Facts & Figures The Swiss Life Group’s 2019 financial year at a glance: Business development — Business at Swiss Life continued to develop well in 2019: adjusted profit from operations rose by 10% over the previous year to CHF 1.69 billion, driven mainly by the improved fee result. Net profit came to CHF 1.20 billion, an increase of 12% over the previous year. Swiss Life was able to increase its fee income by 16% to CHF 1.82 billion in local currency. Gains were recorded in fee income from third-party business, with independent financial advisors as well as from own and third-party products and services. Premiums totalled CHF 23.0 billion; insurance reserves to the benefit of the company’s policyholders rose by 7% in local currency. In its insurance business Swiss Life generated direct investment income of CHF 4.4 billion, which corresponds to a direct investment yield of 2.8%. The net investment yield was 2.9%. As of 31 December 2019, Swiss Life Asset Managers had a total of CHF 254.4 billion assets under management. Of this, third-party business accounted for CHF 83.0 billion. Markets — As a leading European provider of comprehensive life and pensions and financial solutions, the Swiss Life Group enables people to lead a self-deter- mined life. In 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. The Swiss Life Select, Tecis, Horbach, Proventus, Chase de Vere and Fincentrum 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 manage- ment solutions. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products. The subsidiaries Livit, Corpus Sireo, Mayfair Capital, Beos and Fontavis are also part of the Group. Employees — At the end of 2019 the Swiss Life Group employed approximately 9300 people worldwide and had a network of some 14 000 advisors. Swiss Life – Annual Report 2019 6 Shareholders’ Letter Ladies and gentlemen, Patrick Frost and Rolf Dörig A long-term perspective is one of the keys to success. At Swiss Life, we focus on continuity and finan- cial solidity, and base our work on the corporate objectives that best reflect the company’s strengths. The Swiss Life Group has made continual progress, especially in two areas: consulting and asset management. Today, we are not just a company with proven but also far-reaching expertise in pension and financial advice. Around 14 000 advisors work to support our customers in leading a self-determined life. In 2006, we had just under 1400, so we have increased our weight in the advisory market tenfold. Our distribution capacity gives us access to customers that is envied by many of our competitors. And with good reason: according to the results of a survey, more than 80% of people in the markets we serve want personal advice on pension and financial matters. That shows how relevant our advisory expertise is – and that it is also a key to continuous growth. Customer centricity is not just an empty phrase for us. There is also a second development that has strengthened our Group: we have increasingly made our successful work in managing policyholder assets available to external clients. In 2019, we thus achieved further successive growth in third-party assets under management, which are now CHF 83 billion. Our goal is still to achieve a steady and sustainable rise in our fee result, risk result, value of new busi- ness and our third-party business. Premiums are important but they are not our principal driver – even though we registered a one-off increase of 22% in premiums in 2019 because a competitor with- drew from full insurance for occupational provisions. For a long time, we have focused successfully on earnings quality and profitability before premium growth. Swiss Life – Annual Report 2019 7 Shareholders’ Letter The expansion of the fee business offers us strategic opportunities as a company: it is capital-efficient and less exposed to the capital markets than our savings result. Diversifying our profit sources has paid off for us in the low-interest environment and it will remain a key factor in the future because interest rates look set to remain low. Income from our life insurance investments will, however, remain the most important profit source for the Group in the foreseeable future. Here too, we have performed well in recent years and have increased the savings result from our life business despite low or even negative interest rates. Swiss Life is very successful today because we did the groundwork early on. Our figures for 2019 once again present a clear picture: year-on-year, we managed to increase fee income by 16% to CHF 1.82 bil- lion. And the fee result came to CHF 553 million, 15% higher than in 2018. We are also making progress in the life business. The risk result improved by 3% to CHF 417 million and the value of new business by 45% to CHF 561 million, with a new business margin of 1.9%. Overall, we are able to report a net profit of CHF 1.2 billion for 2019 – an increase of 12% over the previous year. This includes a positive one-off of CHF 49 million related to the implementation of the Swiss tax reform in a number of cantons. The pleasing performance in 2019 enables the Board of Directors to propose a dividend of CHF 20.00 per share (previous year: CHF 16.50) at the Annual General Meeting, of which CHF 5.00 per share will be paid in the form of a reduction in par value. Furthermore, Swiss Life will implement a new share buyback programme of CHF 400 million, from March 2020 to May 2021. Success can never be taken for granted. Our employees are fundamental to our very good develop- ment. It is their skills and engagement that make the difference. As the Swiss Life Group, we support people in realising their wish to live a self-determined life. We do this by ensuring they receive indi- vidual advice, that their money is invested well over decades and by providing pension solutions that meet their need for security. In times of political and economic uncertainty, our sustainable pension solutions are particularly invaluable. We would like to thank you, dear shareholders, for supporting us in this mission. Rolf Dörig Patrick Frost Chairman of the Board of Directors CEO Swiss Life – Annual Report 2019 8 Strategy & Brand Strateg y & Brand Swiss Life offers its customers a long-term value proposition – so they can lead their life with self-determination and confidence. The Swiss Life Group is one of Europe’s leading comprehensive life and pensions and financial solutions providers.
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