Switzerland

In 2024, Swiss Life Switzerland posted a segment result of CHF 854 million (previous year: CHF 839 million). The 2% increase is due to higher levels of investment income. Fee income increased by 4% to CHF 339 million. The fee result of CHF 55 million was at the same level as the previous year. Investments to develop the business of Swiss Life Wealth Managers were primarily offset by growth in unit-linked products. At CHF 741 million, the cash remittance was 31% higher than the previous year.

In the year under review, Swiss Life Switzerland’s premiums came to CHF 9.9 billion, which is the same as the prior-year value. In individual life business, periodic premiums were up by 1% and single premiums by 15%. Premiums in group life business declined by 2%. Group life business accounted for 81% 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 22.4 billion. In group life business, premiums for the market as a whole were 2% down over the previous year, while premiums for individual life business increased by 1%. While Swiss Life further increased its market share in individual life business, it declined slightly in group life business.

In insurance business for private clients, Swiss Life Switzerland has a broad-based distribution model thanks to the Sales Force, Swiss Life Select and brokers, and it was again able to increase new single-premium business in the year under review. The Sales Force was particularly successful in pension planning with products investing in traditional tied assets. On the other hand, the volume of new business in insurance business subject to premiums fell slightly compared to the previous year after several years of growth.

Thanks to the comprehensive range of products and services, the offer season for group life business was completed successfully in a challenging market environment. Demand for full insurance solutions grew particularly strongly, while demand for individual investments (1e plans) remained consistently high. Assets under management from semi-autonomous solutions also increased.

Swiss Life Switzerland wants to further strengthen its personal pension and financial advisory offering in order to meet customers’ demands for comprehensive, personal advice on complex financial issues. With its own Sales Force advisory organisations, Swiss Life Select and Swiss Life Wealth Managers, the segment enjoys strong market access and can serve all customer segments individually and in line with their needs. The number of professionally trained advisors increased in the home market to around 1650 and is set to continue growing in the future. As at the end of 2024, Swiss Life Wealth Managers had eight locations in German-speaking Switzerland. This advisory 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.

Swiss Life Switzerland successfully concluded the “Swiss Life 2024” strategic programme and achieved or exceeded its targets. The market unit was able to increase the advisor base as well as the effectiveness of its advisors, acquire and support high-net-worth clients, further optimise its insurance portfolio and increase the value of new business.

In its new “Swiss Life 2027” strategic programme, Swiss Life Switzerland again set itself ambitious targets. The focus is on four objectives: growth in private and occupational provisions, the expansion of the private wealth business to become a core business, strengthening and expanding the personal pension and financial advisory offering, and using digitalisation to drive efficiency and growth.

Key figures for Switzerland