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Annual Report 2023
Annual Report 2023
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Management Report

Swiss Life Holding generated a profit of CHF 1.1 billion in the 2023 financial year (previous year: CHF 880 million).

Annual profit increased by 27% to CHF 1.1 billion in 2023. Dividend income from subsidiaries rose to CHF 1065 million (previous year: CHF 939 million) and interest income on loans granted internally increased to CHF 51 million (previous year: CHF 35 million). Other income from guaranteed benefits and commissions amounted to CHF 41 million (previous year: CHF 44 million) and income from investments in bonds and fund units decreased to CHF 13 million (previous year: CHF 18 million). By contrast, personnel costs, operating costs and taxes amounted to CHF 23 million (previous year: CHF 31 million). Interest on long-term debt capital totalled CHF 53 million in the year under review (previous year: CHF 26 million).

Capital assets (excluding participations) remained stable overall at CHF 2.7 billion. At the end of the year, Swiss Life Holding held current assets, debt securities and investment funds of CHF 876 million (previous year: CHF 789 million). Loans to Group companies decreased slightly to CHF 1.9 billion (previous year: CHF 2.0 billion).

Long-term debt capital increased slightly to CHF 2.2 billion (previous year: CHF 2.1 billion). At the start of the year under review, Swiss Life Holding placed a new bond in three tranches with a total volume of CHF 600 million. The majority of the funds raised were used to refinance two maturing bonds for a total of CHF 450 million.

The share buyback programme (2021 to 2023) announced at the 2021 Investor Day in the amount of CHF 1 billion was concluded during the reporting period. Swiss Life Holding acquired a total of 1 876 368 shares under the programme. At the beginning of September 2023, the Board of Directors approved a new share buyback programme in the amount of CHF 300 million, half of which was concluded during the year under review. A total of 1 308 000 repurchased shares were cancelled during the 2023 financial year. This means that the number of shares issued decreased to 29 517 887, of which Swiss Life Holding held 2.37% at the end of the reporting period.

Swiss Life Holding’s total distribution to shareholders was made as an ordinary dividend and amounted to CHF 877 million or CHF 30.00 per share. Swiss Life Holding’s nominal share capital remained practically unchanged at CHF 3 million.