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The Asset Managers segment comprises Swiss Life’s Group-wide asset management and real estate services activities.
In 2021, Swiss Life Asset Managers achieved a segment result of CHF 374 million (previous year: CHF 345 million), which corresponds to an increase of 9%. Fee income in the year under review increased by 7% in total to CHF 944 million. The growth stems mainly from third-party asset management. Fee income from insurance business increased slightly. Operating expenses, meanwhile, rose by 10%, driven by organic growth, the expansion of real estate project development business and investments in sustainability and digitalisation initiatives.
Assets under management by Swiss Life Asset Managers came to CHF 276.3 billion at the end of 2021. Assets from insurance business fell by around CHF 4.6 billion to CHF 173.5 billion. Due to the regulatory framework conditions and the long-term nature of its liabilities, Swiss Life invests mainly in fixed-income securities, which made up 54% of its portfolio at the end of 2021. The real estate holding increased further from 22% to 24% and the net equity holding was slightly above 4% as at 31 December 2021. Third-party business again grew vigorously: Swiss Life Asset Managers had third-party assets of CHF 102.8 billion under management at the end of 2021, an increase of 12% compared to the end of the previous year. This growth is primarily due to net new assets of CHF 9.4 billion. A further CHF 1.6 billion came from the acquisition of NRP Real Estate. With the acquisition, which was completed on 1 December 2021, Swiss Life Asset Managers is expanding its geographical presence and strengthening access to new investors in the Nordics.
The expansion of the pan-European real estate funds, investing in real estate in various European countries, was pursued further in 2021. Due to the persistently high competitive pressure in the real estate market, the consistent implementation of risk and return specifications remains key for acquisitions. In the real estate project development business, investments were increased in residential and commercial projects, while corporate real estate and logistics were also significantly expanded. In addition, customers’ growing need for sustainable infrastructure investments is served from a single source.
Swiss Life Asset Managers promotes the integration of ESG criteria into all core processes, and a broad sustainable product offering meets increased client needs. The target for the directly held real estate portfolio is a 20% reduction in CO2 intensity by 2030 compared to 2019. In order to reach this milestone, CHF 2 billion is to be invested in the portfolio over this period. Swiss Life Asset Managers is working towards a net-zero target by 2050 in line with the Paris Agreement. Swiss Life Asset Managers also wants to exploit new business opportunities as part of its sustainability strategy. In this context, the company is focusing mainly on investments in solar energy, low-carbon heating, cooling, ventilation and e-mobility, as well as the management of related resource consumption data.
Key figures for Asset Managers
|Amounts in CHF million|
|Fee and commission income||944||886||7%|
|Total income||1 127||1 061||6%|
|Assets under management||276 339||269 720||2%|
|Number of employees (full-time equivalents)||2 532||2 384||6%|