The Asset Managers segment comprises Swiss Life’s Group-wide asset management and real estate services activities.
In 2022, Swiss Life Asset Managers achieved a segment result of CHF 433 million (previous year: CHF 374 million), which corresponds to an increase of 16%. Of this, CHF 234 million is attributable to TPAM business, which was up 47% compared to the previous year. The segment result includes the profit from the sale of Livit FM Services Ltd. Fee income in the year under review increased by 4% in total to CHF 984 million. Fee income from third-party business grew by 13%, while in the insurance business it fell by 8%. Operating expenses, meanwhile, rose by 5%, driven by continuing growth, the further expansion of the real estate project development business, and ongoing investments in sustainability and digitalisation initiatives. Thanks to the steady rise in profits, the cash remittance to the holding company was increased by 22% to CHF 285 million.
Assets under management by Swiss Life Asset Managers came to CHF 250 billion at the end of 2022. Assets from insurance business fell by CHF 29 billion to CHF 145 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 49% of its portfolio at the end of 2022. The real estate holding rose from 24% in the previous year to 28%. The net equity holding was just above 4% as at 31 December 2022. Third-party business grew again thanks to net new assets of CHF 9.8 billion. Swiss Life Asset Managers had third-party assets of CHF 105.4 billion under management at the end of 2022, an increase of 2% compared to the end of the previous year.
The war in Ukraine, the turnaround in interest rates and the surge in inflation led to volatile markets in 2022. Due to this uncertain outlook, investors behaved very cautiously, especially with regard to securities and real estate, while demand for sustainable infrastructure investments remained strong. Meanwhile, the expansion of the real estate project development business continued, including two major site developments in Klybeck in Basel and Frankfurt Westside.
Swiss Life Asset Managers is continuing to drive the integration of ESG criteria into all its core processes. A broad, sustainable product offering meets increased client needs. The target for the directly held real estate portfolio is a 20% reduction in carbon 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||984||944||4%|
|Total income||1 255||1 127||11%|
|“Swiss Life 2024" and further key figures|
|Cash transfer to Holding||285||234||22%|
|Assets under management||250 083||276 339||–10%|
|Number of employees (full-time equivalents)||2 177||2 532||–14%|