Swiss Life Holding AG (SWSDF) Q4 2024 Earnings Call Transcript

2025-03-14 06:22:04 ET

Swiss Life Holding AG (SWSDF)

Q4 2024 Earnings Conference Call

March 14, 2025 4:00 a.m. ET

Company Participants

Matthias Aellig - Chief Executive Officer

Marco Gerussi - Chief Financial Officer

Conference Call Participants

David Barma - Bank of America

Farooq Hanif - J.P. Morgan

Michael Huttner - Berenberg

Iain Pearce - BNP Paribas

Farquhar Murray - Autonomous

Ahmed Lasit - UBS

Michele Ballatore - KBW

Bhavin Rathod - HSBC

Henry Heathfield - Morningstar

Presentation

Operator

Ladies and gentlemen, welcome to the Swiss Life Presentation of the Full-Year Results 2024 Conference Call and Live Webcast. I'm Sandra, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. [Operator Instructions]

At this time, it's my pleasure to hand over to Mr. Matthias Aellig, Group CEO of Swiss Life. Please go ahead.

Matthias Aellig

Dear analysts and investors, good morning. Thank you for joining us and welcome to our conference call. Today, we report our results for the year 2024 which also marks the end of our Swiss Life 2024 program. I will provide you with a brief overview before handing over to our CFO, Marco Gerussi, for more details. I'm very pleased with Swiss Life in 2024, and I'm proud of what we have achieved.

First, we delivered a strong set of full-year results. Second, we successfully completed our three-year program, Swiss Life 2024. And third, we prepared an ambitious new program, which we presented last December, Swiss Life 2027. Let me start with the highlights of our 2024 financial results. The fee result was up by 33% to $875 million, which is right in the middle of our CHF 850 million to CHF 900 million target range for 2024.

The increase was largely driven by a strong contribution from asset managers. They delivered more TPAM, non-recurring income than what we indicated to you throughout the year. The operating result insurance business increased by 12%, driven by the rebound in health and protection in France. The strong operating performance of both the fee and insurance businesses resulted in a 20% growth of profit from operations to CHF 1.78 billion.

Net profit grew to CHF 1.26 billion which is an increase of 13%. Return on equity was at 16.6%, up 3 percentage points, and well above our target range of 10% to 12%. Cash remittance in 2024 grew by 14% to CHF 1.3 billion based on local statutory accounts. As flagged throughout the year, it included one-offs of about CHF 0.12 billion as well as positive timing effects at asset managers, which together add up to CHF 0.14 billion....

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