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.

Swiss Life Germany successfully transferred its entire insurance portfolio retroactively to the newly founded Group-owned Swiss Life Lebensversicherung SE as at 1 January 2024. This portfolio transfer has no impact on business operations or customer relationships.

The 2024 financial year was characterised by subdued macroeconomic sentiment. In this challenging environment, Swiss Life Germany’s segment result remained stable at CHF 184 million. This is mainly due to the improved fee result, which increased to CHF 115 million (previous year: CHF 112 million). The insurance result remained slightly below the previous year’s level.

Swiss Life Germany further expanded its advisory business in 2024 and increased fee income to CHF 783 million (previous year: CHF 713 million) thanks to productivity increases and growth in the areas of investment, real estate and financing. All distribution companies contributed to this result in the year under review, although higher sales revenues as a result of activities relating to the Inflation Equalisation Act (Inflationsausgleichsgesetz) had a positive impact.

The premium volume increased by 3% in local currency to CHF 1.4 billion in 2024. Premium growth was slightly above market levels due to higher ongoing premiums.

The cash remittance decreased to CHF 99 million compared to the previous year (CHF 144 million). The previous year included a one-off special distribution of CHF 49 million.

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 3% in local currency.

The measures from the “Swiss Life 2024” strategic programme were successfully concluded at the end of the year under review. Most of the targets set were achieved and in some cases even exceeded. In addition to expanding its personal and digital financial advisory offering, the company strengthened its product portfolio and successfully modernised its IT platform. With its new “Swiss Life 2027” strategic programme, Swiss Life Germany is aiming to further build on its proven business model. Initiatives planned include expanding the advisor base, increasing advisor productivity, introducing attractive products to support the targeted growth of the insurance business, and further modernising its IT platform. In addition, Swiss Life Germany wants to continue placing a special focus on its corporate culture and with a range of broad-based training programmes and initiatives, further reinforce the themes of trust, a performance-oriented approach and its feedback culture.

Key figures for Germany