Swiss Life Holding AG · SIX:SLHN

Swiss Life — St. Galler Kantonalbank 2015

22 slides from Swiss Life's conference presentation, Apr 22, 2015

  1. Slide 1: Swiss Life: Continued disciplined execution

    St. Galler Kantonalbank Swiss Life: Continued disciplined execution Thomas Buess, Group CFO Zurich, 22 April 2015

  2. Slide 2: Agenda

    Agenda  Swiss Life Group at a glance Recent financial development Swiss Life 2015 and wrap-up 2/22 | St. Galler Kantonalbank 2015

  3. Slide 3: Swiss Life Group is a leading provider of life and pensions and financial solutions

    Swiss Life Group is a leading provider of Swiss Life @ a glance life and pensions and financial solutions… FY 2014 Swiss Life Group – Facts and figures Business units • GWP incl. PHD: CHF 19.1 bn • Net profit: CHF 818 m • Adjusted profit from operations: CHF 1 182 m • Asset under Management: United

  4. Slide 4: An attractive and diversified portfolio based on strong market positions

    … with an attractive and diversified Swiss Life @ a glance portfolio based on strong market positions FY 2014, in CHF (IFRS basis) Insurance GWP & PHD Fee & commission Adjusted profit from Business reserves income4) operations4) Market position segments 144.5 bn 19.1 bn 1 317 m 1 182 m Switzerland −

  5. Slide 5: Development of key figures demonstrates progress of our strategy

    Development of key figures demonstrates Swiss Life @ a glance progress of our strategy CHF million (IFRS basis) Insurance reserves Operating expense adjusted (w/o policyholder participation liabilities incl. UL) +29% -31% 140.4 bn5) 2 002 144 531 1 752 136 998 129 597 1 480 119 507 118 844 122 939 1

  6. Slide 6: Agenda

    Agenda Swiss Life Group at a glance  Recent financial development Swiss Life 2015 and wrap-up 6/22 | St. Galler Kantonalbank 2015

  7. Slide 7: FY 2014 results: Further operational progress

    FY 2014 results: Further operational Recent financial developments progress FY 2014 vs. FY 2013 Net profit CHF 818 m +4% Adjusted profit from operations CHF 1 182 m +4% GWP incl. PHD (in local currency) CHF 19.1 bn +7% Fee and commission income (in local currency) CHF 1 317 m +15% New business margi

  8. Slide 8: Agenda

    Agenda Swiss Life Group at a glance Recent financial development  Swiss Life 2015 and wrap-up 8/22 | St. Galler Kantonalbank 2015

  9. Slide 9: Swiss Life 2015: Continue on the successful path of MILESTONE

    Swiss Life 2015: Continue on the Swiss Life 2015 successful path of MILESTONE MILESTONE Swiss Life 2015  Balance sheet significantly  Diversify profit sources strengthened  Cost savings of CHF 130 – 160 m  Cost savings of > CHF 400 m realised  Achieve new business margin > 1.5%  New business m

  10. Slide 10: Profit by source driven by improved risk and fee result

    Profit by source driven by improved risk Swiss Life 2015 and fee result CHF million (IFRS basis) FY 2013 FY 2014 adjusted adjusted Savings result 835 69% 689 55% Risk result 270 22% 395 32% Cost result -142 -12% -151 -12% - Thereof admin cost result gross1) 67 +6% 73 +6% Fee result 190 16% 269 22% O

  11. Slide 11: Right measures implemented to successfully operate in a low interest rate environment

    Right measures implemented to Swiss Life 2015 successfully operate in a low interest Measure Achievements Asset side  Direct yield strengthened, stability of net investment result In-force: increased, economic interest rate sensitivity substantially Disciplined lowered Asset and Liability Liability

  12. Slide 12: Asset allocation adjusted to strengthen direct yield and reduce risk in an ALM context

    Asset allocation adjusted to strengthen Swiss Life 2015 direct yield and reduce risk in an ALM context CHF million (fair value basis), insurance portfolio for own risk 112 658 149 957 Equities 3% 7% 1% Alternative investments 4% 14% Real estate 10% 13% SAA adjustments Mortgages 21% and loans  Share

  13. Slide 13: Continued strong returns in a low interest rate environment

    Continued strong returns in a low interest Swiss Life 2015 rate environment Direct and net investment yield (IFRS basis, in %) 5 4.8% 4.5 4.1% 4.1% 4.1% 3.9% 3.8% 3.9% 3.8% 4 3.8% 3.8% 3.8% 3.5 3.7% 3.5% 3.4% 3.3% 3 2.5 2 1.5 1 0.3% 0.5 0 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.

  14. Slide 14: Average technical interest rate substantially lowered

    Average technical interest rate Swiss Life 2015 substantially lowered Statutory basis 3.00% Mandatory Group life CH 2.90% • Reduction in minimum 2.66% 2.60% interest rate by 75 bps to 2.55% 1.75% by Federal Council -10 bps 2.35% 2.12% Non-mandatory Group life CH 2.04% • Reduction in guaranteed 1.93%

  15. Slide 15: Substantial cost savings and efficiency improvements achieved

    Substantial cost savings and efficiency Swiss Life 2015 improvements achieved CHF million (IFRS basis) Operating expense adjusted 2 002 1 752 1 480 1 390 1 403 1 378 1 389 MILESTONE  Cost base lowered by more than CHF 400 m through cost savings; efficiency ratios improved significantly Swiss Life 2

  16. Slide 16: Growing fee result

    Growing fee result Swiss Life 2015 CHF million Fee result 269 190 164  Asset Managers: Higher AuM driven by strong NNA in external 137 customers business and strong performance in insurance mandates 122  France: Increased UL share  International: Substantial cost savings and higher AuM 2010 2011

  17. Slide 17: Steady progress in new business mix excl. traditional group life in Switzerland

    Steady progress in new business mix excl. Swiss Life 2015 traditional group life in Switzerland New business production (NBP) Risk, health and P&C • FR: Strongly increased production of group health, partly offset by lower sales of 30% 25% 27% 24% ~30% individual health in anticipation of ANI • DE:

  18. Slide 18: Disciplined margin management: Higher margins and VnB despite lower interest rates

    Disciplined margin management: Higher Swiss Life 2015 margins and VnB despite lower interest rates New business margin vs. interest rate development Interest New business margin rates in % of PVNBP 2.5% 3.5% 3.0% 2.0% German 2.5% government bond 1.5% (10 years) 2.0% Swiss government 1.5% bond (10 ye

  19. Slide 19: Majority of Swiss Life 2015 targets achieved one year in advance

    Majority of Swiss Life 2015 targets Swiss Life 2015 achieved one year in advance Strategic thrust Target Status • New business margin: >1.5% 2 Offering • New business shift: ~85% of NBP from risk, modern and modern-traditional products Customer • Fee and commission income: Profit by source: 3 Distri

  20. Slide 20: Cautionary statement regarding forward-looking information

    Cautionary statement regarding forward-looking information This presentation is made by Swiss Life and may not be copied, altered, offered, sold or otherwise distributed to any other person by any recipient without the consent of Swiss Life. Although all reasonable effort has been made to ensure the

  21. Slide 21: Contact details and financial calendar

    Contact details and financial calendar Contact Heidi Hinterhuber Phone +41 (43) 284 67 67 Head of Investor Relations E-mail [email protected] Rolf Winter Phone +41 (43) 284 49 19 Senior Investor Relations Manager E-mail [email protected] Financial calendar Annual General Meeting

  22. Slide 22: The future starts here.

    é Swiss Life The future starts here.

Swiss Life Holding — St. Galler Kantonalbank 2015 on 6ix