Swiss Life Holding AG has reported a fiscal net profit of 1.11 billion Swiss francs for 2023, marking an increase from the previous year's 1.03 billion francs. When considering local currency, the profit growth was 9 percent.
The adjusted profit from operations was 1.497 billion francs, nearly identical to the preceding year's 1.495 billion. If accounting standards IFRS 17 and IAS 39, which has since been discontinued, had been applied, the previous year's net profit and profit from operations would have stood at 1.19 billion and 1.74 billion francs respectively.
In 2023, the gross written premiums amounted to 19.84 billion francs, a 1 percent year-on-year improvement from 19.60 billion francs. In local currency, this increase amounted to 3 percent. The Swiss insurance company also managed to grow its income from the fee business by 3 percent in local currency, reaching 2.40 billion francs, although the fee result itself fell by 13 percent in the same currency.
The board of directors is set to propose a dividend of 33.00 francs per share at the Annual General Meeting, surpassing the previous year's dividend of 30 francs. This dividend is due to be distributed on May 22.
Swiss Life is reportedly making good progress towards fulfilling or exceeding all its financial aims detailed in the "Swiss Life 2024" programme, including return on equity, cash remittance to the holding company, dividend payout ratio, and the share buyback. However, hitting the fee result target is anticipated to be more challenging. Adjusted expectations place it at the lower end of the 850 million to 900 million francs range, based on expected normalization of the German and French real estate markets.
As per recent company developments, Markus Leibundgut, who stepped back from his CEO role at Swiss Life Switzerland in the summer due to health issues, has decided to leave the role entirely. Roman Stein has been appointed as the new CEO, having served as the interim head of the Swiss division since August 2023 and CFO of the Swiss division since 2017.
Leibundgut, who joined Swiss Life in 2012 and has been a part of the Corporate Executive Board of the Swiss Life Group since 2014, is reportedly recovering well and intends to focus on strategic tasks outside of Swiss Life in the future.
