Fri. Nov 8th, 2024


Swiss Life Holding Inc (OTCPK:SWSDF) Q2 2024 Results Conference Call September 3, 2024 3:00 AM ET

Company Participants

Matthias Aellig – CEO
Marco Gerussi – CFO

Conference Call Participants

Peter Eliot – Kepler Cheuvreux
Farooq Hanif – JPMorgan
Ahmed Nasib – UBS
Henry Heathfield – Morningstar
Farquhar Murray – Autonomous
Bhavin Rathod – HSBC
Tryfonas Spyrou – Berenberg

Matthias Aellig

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 6 months of 2024.

First, fee result increased by 17% to CHF 395 million, driven by higher contributions from asset managers and France.

Second, cash remittance grew by 19% to well over CHF 1.2 billion. This is a very pleasing figure. The fact that the full year 2023 call did include 2 positive one-off effects of about CHF 0.12 billion. Taking the past 2.5 years of cash remittances together, we arrive at a cumulative remittance of CHF 3.4 billion. We have thus already exceeded our cumulative target of CHF 2.8 billion to CHF 3 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 equity was at 17.8%, and therefore, well above our target range of 10% to 12%. The increase was driven by the development of shareholders’ equity. Net profit for the half year was stable at CHF 632 million. On an adjusted basis, net profit increased by 7% year-on-year. In addition, the half-year SST ratio of around 205% remained well above the ambition range.



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