1 General Information
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, Chase de Vere and Fincentrum advisors choose suitable products for customers from the market according to the Best Select approach. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions.
Placement of hybrid bonds
In March 2021, Swiss Life placed a CHF 250 million perpetual subordinated bond, first callable in September 2026 (coupon until first call date: 1.75%), presented in equity, and a CHF 250 million dated subordinated bond with final maturity in 2041, first callable in September 2031 (coupon until first call date: 2.125%), presented in liabilities.
For the 2020 financial year, Swiss Life paid a dividend to the shareholders of Swiss Life Holding Ltd (hereinafter referred to as “Swiss Life Holding”) of CHF 21.00 per registered share in April 2021. This payment amounted to CHF 654 million in total.
Share buyback programmes
As announced during the investor’s day on 25 November 2021, Swiss Life started a new CHF 1 billion share buyback programme in December 2021. By 31 December 2021, 68 000 shares had been purchased for CHF 38 million at an average price of CHF 552.15 per share. The programme will be completed in May 2023.
In May 2021, Swiss Life completed the CHF 400 million share buyback programme, which had been announced in February 2020. Between March 2020 und May 2021 a total of 908 423 own shares were repurchased at an average purchase price of CHF 440.32 per share. In 2021, 829 099 shares were purchased for CHF 371 million (2020: 79 324 shares for CHF 29 million). 485 824 of the repurchased shares were cancelled in July 2021.
Resolution with the United States Department of Justice
As disclosed in a press release dated 14 May 2021, Swiss Life has reached a resolution with the US Department of Justice (DOJ) concerning the DOJ’s inquiry into the legacy business with US clients that had been announced in September 2017. The resolution is in the form of a Deferred Prosecution Agreement (DPA) with a three-year term. The financial payment required as part of this resolution is in line with the provision of CHF 70 million charged against the 2020 results as announced on 2 March 2021.
Approval of financial statements
On 14 March 2022, the Board of Directors approved the annual financial statements and the financial report and authorised them for issue. The financial report, therefore, only reflects events up to that date.