Switzerland

In 2023, Swiss Life Switzerland posted a segment result of CHF 839 million (previous year: CHF 799 million). The 5% increase is due to a higher CSM release in the insurance business. The value of new insurance business rose by 15% to CHF 234 million. The fee result increased by 5% to CHF 55 million. Investments to develop the business of Swiss Life Wealth Managers were more than offset by higher earnings in investment business and growth in unit-linked products. The cash remittance to the holding company amounted to CHF 565 million, up 25% on the previous year.

In the year under review, Swiss Life Switzerland’s premiums came to CHF 9.9 billion. In individual life business, periodic premiums were up by 2% and single premiums by 72%. Premiums in group life business declined by 3%; overall, group life business accounted for 82% of the total premium volume.

According to the Swiss Insurance Association (SIA), life insurance premiums in Switzerland were slightly below the previous year’s level at CHF 22.7 billion. In group life business, premiums for the market as a whole were 4% down over the previous year, while premiums for individual life business increased by 6%. Swiss Life further increased its market share in individual life business, while in group life business it declined slightly.

In insurance business with private clients, Swiss Life significantly increased its new single premium business in an environment of higher interest rates, thanks in particular to products investing in traditional tied assets. Once again, Swiss Life also increased its volume of new business in insurance business subject to premiums compared to the already very successful previous year. All sales channels – Sales Force, brokers and Swiss Life Select – contributed to the growth in insurance business with private clients.

In group life business, the offer season was satisfactory in a challenging market environment, not least due to the full-range offering. Demand for individual investments (1e plan) also remains high.

As at the end of 2023, Swiss Life Wealth Managers had six locations in German-speaking Switzerland. This sales channel focuses on the growing high-net-worth segment, to which it mainly provides investment advice. Customers are offered individual strategic asset allocation based on a holistic consultation.

In 2024, as part of the current strategic programme “Swiss Life 2024”, Swiss Life Switzerland aims to increase the advisor base and effectiveness, attract and support high-net-worth and digitally engaged customers in line with their needs and further optimise the insurance portfolio as well as increase the value of new business. With its own sales force, Swiss Life Select and Swiss Life Wealth Managers, Swiss Life has a strong sales network and has increased the number of professionally trained advisors to over 1550 throughout Switzerland. This physical sales capacity is being expanded further and reinforced with digitally supported processes and services.

Key figures for Switzerland