logo
Plus   Neg
Share
Email

Swiss Life FY20 Profit Down, Lifts Dividend; Confirms Targets - Quick Facts

Insurer Swiss Life Group (SZLMY.PK,SLHN.VX) reported Tuesday that its fiscal 2020 net profit declined 13 percent from last year to 1.05 billion Swiss francs.

Swiss Life said it is now in advanced discussions with the US Department of Justice about the resolution of their inquiry. As a result, the company has taken a provision of 70 million francs charged against the 2020 results to address the financial component of the expected resolution.

Adjusted profit from operations was 1.57 billion francs in 2020, 5 percent lower compared to the previous year.

Swiss Life increased fee result by 11 percent to 601 million francs. Fee income in local currency came to 1.96 billion francs, up 11 percent.

Premiums came to 20.0 billion francs. The company said the decline of 12 percent and the associated normalisation are due to the extraordinarily high single premiums written by Swiss Life in the previous year, as a result of the withdrawal of a competitor from the full insurance business in Switzerland.

In 2020, Swiss Life generated a return on equity, adjusted for unrealised gains and losses, of 9.4 percent, compared to prior year's 10.8 percent.

Further, the Board of Directors will propose to the shareholders at the Annual General Meeting on April 23 a 5 percent increase of the dividend per share to 21 francs for the 2020 financial year from previous year's 20 francs.

Looking ahead, Swiss Life said it is on track with its Group-wide programme "Swiss Life 2021" and confirmed its financial targets.

The company is at the upper end of its ambition range of 8 to 10 percent for the Group-wide programme "Swiss Life 2021".

For comments and feedback contact: editorial@rttnews.com

Business News

RELATED NEWS
Follow RTT