Asset Managers

The Asset Managers segment comprises Swiss Life’s Group-wide asset management, investment and real estate services activities.

In 2024, Swiss Life Asset Managers achieved a segment result of CHF 446 million (previous year: CHF 272 million), which corresponds to an increase of 64%. Of this amount, CHF 254 million was attributable to TPAM business (previous year: CHF 106 million). This 140% increase over the previous year was largely driven by positive market value adjustments in the project development business. Fee income rose by 5% during the year under review to CHF 959 million. Fee income from third-party customers and from insurance business each rose by 5%. Operating expenses rose by 7%, mainly driven by investments in business growth (e.g. index business, the “Energy as a Service” business area, geographic expansion and property management). The cash remittance increased year-on-year by 6% to CHF 242 million due to shifts between realised and distributable income from the project development business.

Assets under management by Swiss Life Asset Managers came to CHF 272 billion as at the end of 2024. Assets from the insurance business rose by CHF 3.7 billion to CHF 148 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 47% of its portfolio at the end of 2024. The real estate holding remained unchanged at around 27%. The net equity holding was 5% as at 31 December 2024. Third-party business grew again thanks to net new assets of CHF 9.5 billion. Swiss Life Asset Managers had third-party assets of CHF 125 billion under management at the end of 2024, an increase of 12% compared to the previous year.

2024 was shaped by interest rate turnarounds from central banks, especially in Europe and Switzerland. Monetary easing supported markets and led to positive economic development, benefiting asset classes such as equities, bonds and real estate. Furthermore, activity on the real estate markets increased noticeably and supported the successful capital increase of the Swiss Life REF (CH) ESG Swiss Properties fund, with an issue volume of CHF 610 million.

Swiss Life Asset Managers intends to continue its systematic implementation of the decarbonisation strategy for its directly held real estate portfolio, in order to reach its carbon intensity reduction target of 20% compared to 2019 by 2030. Swiss Life Asset Managers currently estimates that it will be able to reduce its CO₂ emissions by 35% due to changed CRREM methodology and improved data. The measures and processes applied here will also be gradually implemented for third-party client and external real estate portfolios (“Energy as a Service”). In addition to its focus on sustainability, during the year under review Swiss Life Asset Managers successfully established its index-based investment solution business, which it launched at the beginning of 2024. An infrastructure investment fund was launched for private clients. These initiatives have already made a valuable contribution to Swiss Life Asset Managers’ success in their first year.

Key figures for Asset Managers