annual report 2017 - swiss life-gruppe swiss life – annual report 2017 contents 4 facts &...

Download Annual Report 2017 - Swiss Life-Gruppe Swiss Life – Annual Report 2017 Contents 4 Facts & Figures

Post on 02-Aug-2020

0 views

Category:

Documents

0 download

Embed Size (px)

TRANSCRIPT

  • Annual Report 2017

  • Swiss Life – Annual Report 2017

    Contents 4 Facts & Figures 6 Shareholders’ Letter 8 Strategy & Brand 12 Segment Reporting 14 Switzerland 16 France 18 Germany 20 International 22 Asset Managers 24 Corporate Governance 30 Board of Directors 43 Corporate Executive Board 49 Swiss Life Compensation Report for the Financial Year 2017 66 Report of the Statutory Auditor 72 Risk Management 75 Corporate Responsibility 76 CEO Foreword 77 Corporate Responsibility at Swiss Life 86 Sustainable Development Goals 88 The Longer Self-Determined Life 89 Responsibility in Business 103 Responsibility in Society 108 Responsibility for Employees 123 Environmental Responsibility 126 GRI Content Index 129 Key Sustainability Indicators 132 Consolidated Financial Statements 134 Consolidated Statement of Income 135 Consolidated Statement of Comprehensive Income 136 Consolidated Balance Sheet 138 Consolidated Statement of Cash Flows 140 Consolidated Statement of Changes in Equity 141 Notes to the Consolidated Financial Statements 283 Report of the Statutory Auditor 290 Swiss Life Holding Financial Statements 291 Management Report 292 Statement of Income 293 Balance Sheet 294 Notes to the Financial Statements 300 Appropriation of Profit 301 Report of the Statutory Auditor 305 Share Performance and Historical Comparison

  • 4

    Swiss Life – Annual Report 2017

    Facts & Figures

    The Swiss Life Group’s 2017 financial year at a glance:

    Business overview — The Swiss Life made further operational progress in 2017: Adjusted profit from operations increased by 5% to CHF 1475 million and net profit rose by 9% to CHF 1013 million. All units developed positively and increased their contribution to the result. The fee business was a significant factor in the good results: fee income rose by 8% in local currency to CHF 1480 million, driving the fee result to CHF 442 million or 11% over the previous year. Swiss Life posted a 6% rise in premiums in local currency to CHF 18.6 billion in 2017. Insurance reserves to the benefit of the company’s policyholders rose by 4% in local currency. In proprietary asset management Swiss Life earned direct investment income of CHF 4.3 billion. The direct investment yield was 2.8%; the net investment yield stood at 2.5%. In its third-party business, Swiss Life Asset Managers posted net new assets of CHF 7.1 billion. It had CHF 61.4 billion in third-party assets under management at the end of 2017, an increase of 24%.

    Markets — In Switzerland, France and Germany, Swiss Life offers individuals and corporations comprehensive and individual advice plus a broad range of own and partner products through its sales force and distribution partners such as brokers and banks. The Swiss Life Select, Tecis, Horbach, Proventus and Chase de Vere advisors choose suitable products for customers from the market according to the Best Select approach. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with  structured life and pensions products. The Group also comprises the  sub sidiaries Livit, Corpus Sireo and Mayfair Capital.

    Staff — Approximately 8000 employees and 5000 certified financial advisors were working for the Swiss Life Group worldwide at the end of 2017.

  • 5

    Swiss Life – Annual Report 2017

    Facts & Figures

    3

    2

    4 5 6

    1

    2 783 2 252

    39 622

    2 097 186

    Full-time equivalents by country

    Total 7979 as at 31.12.2017

    1 Switzerland 2 France

    5 Liechtenstein 6 Other

    3 Germany 4 Luxembourg

      

    92 6 

    1 000 

    2014  2016  0 

    2013 

    800 

    600 

    200 

    Net profit   

    In CHF million    

    2015 

    78 4  81

    8  87 8  1

    0 13

     

    2017 

    400 

      

    5 06

    5 37

    5 36

    5 28

    7 500 

    2014  2016  0 

    2013 

    6 000 

    4 500 

    1 500 

    Financial result   

    In CHF million    

    2015 

    4 39

    2017 

    3 000 

      

    1 39

    1  1

    1 500 

    2014  2016  0 

    2013 

    1 200 

    900 

    300 

    Profit from operations   

    In CHF million    

    2015 

    1 14

    1 16

    9  1 32

    9  1 47

    2017 

    600 

    1 adjusted  

      

    10 

    2014  2016 

    9. 6 

    2013 

    Return on equity 1  

    In %    

    2015 

    10 .0

     

    9. 6 

    9. 7 

    9. 3 

    2017 

    1 equity excl. unrealised gains/losses on bonds     

    25 000 

    2014  2016 

    17 3

    66  

    0  2013 

    20 000 

    15 000 

    5 000 

    Gross written premiums, policy fees and deposits received   

    In CHF million    

    2015 

    17 9

    69  

    19 1

    02  

    18 8

    53  

    18 5

    65  

    2017 

    10 000 

  • 6

    Swiss Life – Annual Report 2017

    Shareholders’ Letter

    Ladies and gentlemen,

    Rolf Dörig and Patrick Frost

    Just over three years ago, when the Swiss National Bank abandoned the exchange rate floor against the euro and interest rates turned negative, we at Swiss Life had to brace ourselves for some difficult years ahead – and not just in Switzerland. Back then, only great optimists would have predicted that we could now be posting such strong results just a few years later. Despite challenging market conditions, the last financial year (2017) again saw Swiss Life perform positively in all units.

    Thanks to a net profit of CHF 1013 million (previous year: CHF 926 million), an increase in the value of new business from CHF 296 million to CHF 351 million and a renewed increase in the fee result by 11% to CHF 442 million, Swiss Life remains on track for success. This means that the 2017 financial year saw a seamless continuation of the success story of recent years.

    Swiss Life posted an adjusted return on equity of 9.3%, which is within the 8–10% target. Moreover, in terms of the fee result, we have already achieved our objective under the Group-wide programme “Swiss Life 2018” sooner than planned. We are ahead of target for the value of new business and cash generation. Meanwhile the development of the risk result lies within the target range we were aiming for. Third-party asset management business also contributed to our success, as we once again made gains last year. As of the end of 2017, third-party assets under management stood at CHF 61.4 billion – an increase of 24%. In the light of all these results, we are able to propose to the General Meeting of Shareholders on 24 April 2018 an increase in the dividend from CHF 11.00 to CHF 13.50 per share – once again in the form of a withholding tax-free distribution from the capital contribution reserves.

  • 7

    Swiss Life – Annual Report 2017

    Shareholders’ Letter

    Our successes are the foundation on which we are building the future of Swiss Life. This coming November, we shall be unveiling a new Group-wide programme to the public. We shall be maintaining our successful strategic thrust of recent years. Our plans nevertheless include selective further developments. After all, we see the technological challenges and changes in customer behaviour as offering great opportunities to expand our range of products and services. Needless to say, we shall also be announcing new financial objectives at the Investors’ Day.

    The key reason for our success lies in our employees. They stand behind our ambitions and the manage- ment teams. This is the picture that emerges from last autumn’s Employee Survey: our employees’ commitment is outstanding – even by international comparison. This is an invaluable asset: in the busi- ness world it is always ultimately people who make the difference. On behalf of the Board of Directors and the Corporate Executive Board, we would like to express our sincere gratitude to all our colleagues for their great commitment and the success that has been achieved.

    The life and pensions market remains a growth market. The need for people to be self-determined in structuring their pension provision will continue to increase. This is where we aspire to win over customers as a proactive and reliable partner. New technologies can help us to develop even better and more individualised services and products. The concept of digitalisation dominates business reporting. However, when debating digitalisation we should not confine ourselves to technological aspects. After all, one thing remains unchanged: a prosperous society relies on a culture of trust. At Swiss Life, we work with and for people – their needs are at the heart of what we do.

    Life insurers such as Swiss Life assume long-term commitments and in doing so have a stabilising effect on the financial system as a whole. Contracts running for terms of several decades are nothing unusual for

Recommended

View more >