Half-year results 2018 Investor presentation
[Pages:68]Half-year results 2018 Investor presentation
14 August 2018
Agenda
Overview
Financial results and strategy update
Patrick Frost Thomas Buess
2 | Investor presentation | Half-year results 2018
Swiss Life HY 2018: Strong set of results
Net profit, RoE
(CHF m, %)
VNB, NBM
(CHF m, %)
524 10.5%
+7%
561 9.7%
HY 2017
HY 2018
Net profit RoE
Fee result
(CHF m)
177 2.6%
+20%
212 2.6%
HY 2017
HY 2018
Operating
VNB
expense,
NBM
efficiency
ratio
(CHF m, %)
3 | Investor presentation | Half-year results 2018
+6%
233
248
HY 2017
HY 2018
0%
553
552
0.28%
0.27%
HY 2017
HY 2018
Operating expense adjusted insurance segments
Efficiency ratio
Agenda
Overview
Financial results and
strategy update
Patrick Frost Thomas Buess
4 | Investor presentation | Half-year results 2018
Key figures HY 2018 results
Net profit increased by 7% to CHF 561 m Adjusted profit from operations improved by 3% to CHF 808 m Fee and commission income grew by 10% in local currency to CHF 798 m Fee result increased by 6% to CHF 248 m (HY 17: CHF 233 m) Premiums increased by 4% in local currency to CHF 10.7 bn Resilient direct investment income of CHF 2 235 m at 1.5% (HY 17: CHF 2 186 m at 1.5%);
yields not annualised
AuM TPAM up by 5% to CHF 64.6 bn Value of new business increased to CHF 212 m with NBM of 2.6% (HY 17: CHF 177 m and 2.6%) Annualised return on equity1) at 9.7% (HY 17: 10.5%) SST ratio was above 170% as of 30.06.2018, Solvency II ratio of > 200% Cash to Holding increased by 11% to CHF 657 m (HY 17: CHF 591 m)
1) Equity excl. unrealised gains/losses on bonds
5 | Investor presentation | Half-year results 2018
Selected P&L figures
CHF million (IFRS basis)
Gross written premiums, fees and deposits received Fee and commission income Net investment result insurance portfolio for own risk Net insurance benefits and claims Policyholder participation Operating expense Profit from operations Borrowing costs Income tax expense Net profit Basic earnings per share (in CHF) Diluted earnings per share (in CHF)
6 | Investor presentation | Half-year results 2018
HY 2017
9 982 681
2 050 -7 958
-452 -1 328
759 -82 -152 524
16.22 15.37
HY 2018
10 741 798
2 637 -8 138 -1 135 -1 472
801 -71 -169 561
16.39 16.35
Profit from operations excluding major one-off effects
CHF million (IFRS basis, adjusted)
+3%
759
+3
761
+24
786
801
+2
+5
808
Profit from operations
Restructuring costs
Profit from operations excl. one-offs
FX
Profit
translation from
effect operations
comparable
basis
HY 2017
7 | Investor presentation | Half-year results 2018
Profit from operations
Restructuring costs
Programme Profit
costs for new from
accounting operations
standard
excl.
one-offs
HY 2018
Business review Switzerland
CHF million (IFRS basis, VNB)
GWP incl. PHD
HY 2017 5 932
Fee and commission income1)
Operating expense adjusted
Segment result Fee result
115 -191
424 11
Value of new business NBM (% PVNBP)
91 2.9%
1) Net earned policy fees and commission income
8 | Investor presentation | Half-year results 2018
HY 2018 6 129
125 -190
Change +3%
+9% -1%
? GL: +4% (market -1%); higher single premiums from existing clients and stable periodic premiums; growing semi-autonomous business
? IL: -1% (market 0%); lower single premiums partly offset by higher periodic premiums
? Increased revenues from owned IFA, real estate brokerage, sale of mortgages and investment solutions
? Disciplined cost management
439 14
105 2.6%
+4% +21%
+15%
? Positive development of savings, fee and cost result ? Fee result improved from owned IFA, real estate
brokerage, sale of third-party products and pension consulting
? Margin increase especially in IL; large transactions at lower margins in assumed reinsurance business
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