Swiss Life increases net profit to 926 million
Swiss Life reported a net profit of CHF 926 million for the 2016 financial year - a growth of five percent compared to the previous year. Swiss Life Asset Managers recorded a net new money inflow of 8.5 billion.
The Swiss Life Group increased its net profit from CHF 878 million to CHF 926 million in the past financial year (+5%). Adjusted operating profit amounted to 1.4 billion, which also represents an increase of five percent. At 804 million, the savings result virtually matched the previous year's level (previous year: 805 million); the risk result came to 388 million (previous year: 398 million). Fee income, i.e. income from fee and commission business, rose by 14 percent to 396 million (previous year: 346 million).
Swiss Life Asset Managers contributed 243 million to the Group result. This corresponds to an increase of eight percent. Business with third parties (Third Party Asset Management) increased by 19 percent and insurance business (Proprietary Asset Management) by four percent.
Swiss Life Asset Managers had total assets under management of 204 billion (+10%) as of December 31, 2016. In the third-party investment business, the division achieved net new money inflows of 8.5 billion. As a result, the company managed 49.6 billion in third-party assets at the end of 2016. Of this, 1.3 billion came from the acquisition of Mayfair Capital in the final quarter of 2016.
Assets under management in real estate amount to 43.5 billion. In addition, Swiss Life manages 28.8 billion in real estate for third parties.
Change of management in Germany, nomination to the Board of Directors
Jörg Arnold will become the new CEO Germany and a member of the Swiss Life Group's Corporate Executive Board as of 1 July 2017. He replaces Markus Leibundgut, who was appointed CEO Swiss Life Switzerland as of 1 April 2017.
Arnold is now Global Head of Savings, Retirement & Distribution at the AXA Group in Paris within the Global Business Line Life & Savings, which is responsible for the worldwide life insurance business. The 52-year-old has worked in the insurance industry for more than 25 years, including as a member of the Management Board within the AXA Group and as Head of Sales at Deutsche Ärzteversicherung AG (2001-2009) and as its CEO from 2010 to 2013.
There will also be changes on Swiss Life's Board of Directors: Wolf Becke (born 1947) will be retiring from the Board at the forthcoming General Meeting of Shareholders. Stefan Loacker (1969) will be proposed to the shareholders for election to the Board of Directors. Loacker has been CEO of Helvetia Group for many years.
