Germany

Swiss Life Germany is a leading provider of insurance and pension solutions in the fields of life insurance, occupational pensions and employee insurance. The company also offers comprehensive financial and pension advice independent of product provider under its Swiss Life Select, Tecis, Horbach and Proventus brands. The segment information covers both local insurance activities and the activities of the financial advisory companies headquartered in Germany.

The 2023 financial year was characterized by significant geopolitical and economic uncertainties and only a hesitant decline in inflation. Despite this challenging and volatile environment, Swiss Life Germany increased its segment result in local currency by 4% to CHF 187 million. The increase is mainly due to the improved fee result, which increased to CHF 112 million (previous year: CHF 105 million). On the other hand, the insurance business result declined slightly due to lower investment performance.

Swiss Life Germany further expanded its advisory business in 2023 and significantly increased fee income to CHF 713 million (previous year: CHF 672 million) thanks to productivity increases and growth in the core segments of retirement provisions and income protection.

In 2023, premium volume increased by 3% in local currency to CHF 1.4 billion, in contrast to a market dominated by declining premiums (–5%).

The cash remittance to the holding company increased significantly from CHF 75 million in the previous year to CHF 144 million. In addition to a one-off special distribution, dividends were also paid out from insurance for the first time in a long while. In recent years, this has not been possible due to legal requirements.

Owing to the implementation of various growth initiatives in connection with the “Swiss Life 2024” strategic programme, such as in the area of digitalisation and IT infrastructure, operating costs rose by 9% in local currency.

In 2024 too, Swiss Life Germany will remain focused on the continued implementation of the “Swiss Life 2024” strategic programme. In addition to expanding personal and digital financial advisory services, this includes strengthening the high-yield and sustainable product portfolio for young people. In addition, the IT platform is being systematically modernised, laying the foundation for future growth in the back office as well.

Key figures for Germany