BVG operating account 2020: Swiss Life improves its portfolio and cost structure Donnerstag, 27. Mai 2021 - 07:00
Zurich, 27 May 2021
BVG operating account 2020: Swiss Life improves its portfolio and cost structure
Swiss Life can look back on a successful 2020 for its corporate clients business. The need of SMEs and large companies for security in occupational provisions is reflected in the ongoing stable demand for guaranteed solutions. At the same time, the share of semi-autonomous solutions increased to 48% of new business.
In 2020, Swiss Life increased its key periodic premiums from its group insurance portfolio to CHF 3729 million (2019: CHF 3661 million). Gross premiums declined by 18%, which is due to the extraordinarily high single premiums written by Swiss Life in 2019, a result of the withdrawal of a competitor from the full insurance business. Swiss Life generated a positive operating result of CHF 115 million in the 2020 financial year; it posted a 2% increase in the number of contracts to 47 945, thus again recording portfolio growth. The continuation of a prudent underwriting policy had a positive impact on portfolio quality. "Swiss Life will continue to focus on the profitability of new group insurance business and ensure the healthy development of the portfolio, thus ensuring continuity and financial solidity," says Hans-Jakob Stahel, Head of Corporate Clients at Swiss Life Switzerland.
Thanks to the continuous implementation of process improvements and efficiency-enhancing measures, Swiss Life was able to further reduce administrative costs to CHF 206 million (2019: CHF 211 million). This equates to a reduction in costs per insured person of 3.8%. With a payout ratio of 95.2%, Swiss Life fulfilled the legal requirements (2019: 94.8%). In 2020, insured persons received a total of CHF 128 million from the bonus reserve, into which a further injection of CHF 120 million was made over the same period.
Full-range offering remains a strategic cornerstone
Maintaining a full-range offering in the second pillar with full-insurance, semi-autonomous and risk reinsurance solutions, as well as services for pension funds is and will remain one of the strategic cornerstones of Swiss Life. Hans-Jakob Stahel: “We are committed to making this comprehensive offering accessible to our customers in the future as well.” The above-average growth in semi-autonomous solutions shows that the full-range provider strategy is paying off: compared to the previous year, the share of new business in this segment increased to 48% of total new business (2019: 19%). By the end of 2020, Swiss Life had a total of 7250 semi-autonomous affiliations, an increase of 22% over the previous year. The share of new business in semi-autonomous solutions also includes the growing demand for individual solutions in the field of 1e provisions (+24%). The capital assets of semi-autonomous foundations increased by 16% to CHF 4.8 billion.
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Swiss Life
The Swiss Life Group is one of Europe's leading comprehensive life and pensions and financial solutions providers. In its core markets of 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.
Swiss Life Select, Tecis, Horbach, Proventus, Fincentrum 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.
Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX Swiss Exchange (SLHN). The subsidiaries Livit, Corpus Sireo, Beos, Mayfair Capital and Fontavis are also part of the Swiss Life Group. The Group employs a workforce of around 9800 and has at its disposal a distribution network of some 15 800 advisors.
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This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements, by their nature, are subject to known and unknown risks, uncertainties and other important factors. These may result in a substantial divergence between the actual results, developments and expectations of Swiss Life and those explicitly or implicitly described in these forward-looking statements. Given these uncertainties, the reader is reminded that these statements are merely projections and should not be overvalued. Neither SwissLife nor its Members of the Board of Directors, executive managers, managers, employees or external advisors nor any other person associated with Swiss Life or with any other relationship to the company makes any express or implied representation or warranty as to the correctness or completeness of the information contained in this publication. SwissLife and the abovementioned persons shall not be liable under any circumstances for any direct or indirect loss resulting from the use of this information. Furthermore, Swiss Life undertakes no obligation to publicly update or change any of these forward-looking statements, or to adjust them to reflect new information, future events, developments or similar.
