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Annual Report 2013  Contents Annual Report 2013 Contents 4 Facts & Figures 6 Shareholders’ Letter 8 Summary of Group Results 12 Segment Reporting 24 Corporate Governance 30 Board of Directors 43 Corporate Executive Board 48 Compensation Report 68 Risk Management 70 Market Consistent Embedded Value (MCEV) 72 Introduction 74 Summary of MCEV Results 83 Information by Market Unit 90 Methodology 97 Assumptions 102 Auditor’s Report on Embedded Value 104 Glossary and List of Abbreviations 108 Consolidated Financial Statements 110 Consolidated Statement of Income 111 Consolidated Statement of Comprehensive Income 112 Consolidated Balance Sheet 114 Consolidated Statement of Cash Flows 116 Consolidated Statement of Changes in Equity 117 Notes to the Consolidated Financial Statements 258 Report of the Statutory Auditor 260 Swiss Life Holding Financial Statements 261 Review of Operations 262 Statement of Income 263 Balance Sheet 264 Notes to the Financial Statements 285 Appropriation of Profit 286 Report of the Statutory Auditor 288 Share Performance and Historical Comparison Swiss Life – Annual Report 2013 4 Facts & Figures The Swiss Life Group’s 2013 financial year at a glance: Course of business — The Swiss Life Group again increased its efficiency and competitiveness and generated adjusted profit from operations of CHF 1143 mil- lion. This represents a 13% rise compared with the previous year. Net profit came to CHF 784 million (2012: CHF 99 million). The Group grew its premium income by 4% in local currency to CHF 18 billion. All market units made a contribution to this positive development. Swiss Life maintained its focus on profitability and, thanks to strict margin management, increased the new business margin from 1.4% to 2.2%. The Group-wide programme “Swiss Life 2015” successfully launched in 2013 will continue to improve the resilience of the business model and further diversify profit sources. Markets — The Swiss Life Group operates in Switzerland, Germany and France and has competency centres in Luxembourg, Liechtenstein and Singapore. Swiss Life Select, tecis, HORBACH, Proventus and Chase de Vere advisors use the Best Select approach in various European markets to choose suitable products for customers. Swiss Life Asset Managers offers institutional and private inves- tors in Switzerland and France access to investment and asset management solutions. Workforce — Around 7000 employees and approximately 4500 certified financial advisors were working for the Swiss Life Group worldwide at the end of 2013. The latest information about Swiss Life on the internet Would you like to learn more about the Swiss Life Group? Are you looking for information on our corporate strategy, business activities or brand? Maybe you want to know more about our role as a responsible company or the principles governing Swiss Life’s conduct as an employer? We want to ensure that the information we provide in this context is always up to date. For this reason, complementary to the annual report, we also provide extensive and updated infor- mation on our website in the “About us” section (www.swisslife.com/aboutus). Swiss Life – Annual Report 2013 5 Facts & Figures Net profit Profit from operations In CHF million In CHF million 1 000 1 250 800 1 000 1 149 784 600 750 606 699 560 400 500 694 562 1 200 1 250 361 277 99 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 1 restated 1 restated Return on equity Gross written premiums, policy fees and deposits received In % In CHF million 10 25 000 8 20 000 8.2 7. 6 7. 3 20 219 6 15 000 20 191 17 969 17 143 17 046 4 10 000 4.0 2 1 5 000 1.0 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 1 restated Financial result Swiss Life employees by country In CHF million Total 6992 full-time equivalents as at 31.12.2013 6 7 500 4 5 6000 1 3 6 051 4 500 5 376 1 Switzerland 2 645 4 588 2 France 2 156 4 459 3000 4 368 3 Germany 1 436 4 Luxembourg 124 1 500 5 Liechtenstein 79 6 Other 552 2 0 2009 2010 2011 2012 2013 Swiss Life – Annual Report 2013 6 Shareholders’ Letter Dear Shareholders Rolf Dörig and Bruno Pfister 2013 proved to be a successful financial year for Swiss Life. All our business units contributed to the excellent overall result, achieving further operational advances. We outperformed the market in Swit- zerland and in France. In Germany we maintained premium income at the prior-year level, generating a good segment result despite strict margin management. Overall we grew total premium volume by a healthy 4% in local currency compared with 2012 to CHF 18 billion. The new business margin, which is important to our future success, expanded from 1.4% to 2.2%. In external customer business we recorded a net new asset inflow of CHF 5.6 billion. Total volume in asset management business with external customers now stands at CHF 27.6 billion (+34%). Costs are also under control: even with substantial investment in our growth initiatives we reduced costs by a further 1% in 2013. Adjusted profit from operations rose by a remarkable 13% in 2013 to CHF 1.1 billion. Net profit came to CHF 784 million – compared to CHF 99 million in the previous year, which was impacted by one- off impairments. In light of this positive overall result, the Board of Directors will propose that the Annual General Meeting on 23 April 2014 approve an increase in the dividend from CHF 4.50 to CHF 5.50 per share in the form of a withholding tax-free distribution from the capital contribution reserves. The very good net investment result by peer comparison of 3.9% (2012: 4.8%) enabled us to further strengthen the insurance reserves in the year under review. All these facts demonstrate clearly that we have further enhanced our efficiency and competitiveness as a Group over the past year. This is also confirmed by the capital market. The continuing positive per- formance of our share price in recent months is a sign of growing confidence in our company. This rec- ognition is thanks to the efforts and hard work of all our employees. Their above-average engagement and expertise continue to be key to Swiss Life’s success. Our goals under our Group-wide programme “Swiss Life 2015” remain challenging. We want to gear ourselves more closely to the needs of our customers, including launching new products and services. Faced with persistent low interest rates we want to achieve solid investment results and further im- prove our profitability – against the backdrop of a challenging environment. We face further regulatory interventions. Demographic and socio-political changes will be ongoing and will pose major challenges Swiss Life – Annual Report 2013 7 Shareholders’ Letter to our industry. For instance in Switzerland the “Pensions 2020” reform programme initiated by the Federal Council will spark huge and no doubt controversial debate, the outcome of which is still un- certain. With our experience and expertise, Swiss Life will of course have a role to play in discussions surrounding this undeniably essential reform process. We will do our best to ensure that our proven 3-pillar system in Switzerland can be reformed in a systematic way. We must not inflict massive pension debt onto future generations. It is crucial that our pension system should continue to be based on the principles of social equilibrium and solidarity, as well as economic realism. We are optimistic that this goal will be achieved. We would like to thank you, our shareholders, for your loyalty and your interest in our work. Rolf Dörig Bruno Pfister Chairman of the Board of Directors CEO Thank you Bruno Pfister! In mid-November 2013 we announced that our CEO Bruno Pfister will be handing over op- erational management of the company to younger leadership on 1 July 2014. On behalf of the Board of Directors, and indeed personally, I would like to thank Bruno Pfister for his major contribution to our company’s overall performance. With his engagement, expertise and vi- sion, Bruno Pfister has made a huge difference to Swiss Life over the past 12 years in a number of management positions – as CFO, then as CEO Swiss Life International and, since 2008, as Group CEO. As the 2013 financial year result clearly shows, Bruno Pfister is handing over a company which is well placed and has the capacity to not just maintain its market position but to purposefully expand it. I would like to wish Bruno Pfister all the best for the future, both professionally and privately. The Board of Directors has appointed Patrick Frost as the new CEO. We are particularly pleased that a younger member of our Corporate Executive Board will be taking over the opera- tional management of Swiss Life. 45-year-old Patrick Frost has been Chief Investment Officer of our Group since 2006 and with his team has achieved excellent results, which have been indispensable in strengthening Swiss Life. I wish Patrick Frost fortitude and every success in his new role. Rolf Dörig Chairman of the Board of Directors Swiss Life – Annual Report 2013 8 Summary of Group Results Summary of Group Results Swiss Life increased net profit to CHF 784 million and premium income by 4% in local currency to CHF 18 billion in 2013. Swiss Life again increased its efficiency and competitiveness in 2013, generating adjusted profit from operations of CHF 1143 million (+13%). Net profit came to CHF 784 million – compared to CHF 99 million in the previous year, which was impacted by one-off effects. All market units contributed to the positive development and grew in strategically important business areas: Premium income overall rose by 4% in local currency to CHF 18 billion.
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