Latest news with #MarcoGerussi
Reuters
21-05-2025
- Business
- Reuters
Swiss Life says improved real estate values will boost results in 2025
May 20 (Reuters) - Swiss Life (SLHN.S), opens new tab expects real estate fair value changes to boost 2025 results, driven by its Swiss property portfolio, finance chief Marco Gerussi said in a call following the insurer's quarterly trading update. Switzerland's largest life insurance provider and a major owner of real estate in Europe said that fair value of its real estate assets rose around 0.2% in the first quarter compared to the end of 2024. The Swiss federal statistics office had reported, opens new tab a 0.7% rise in residential property prices in the same period. "What we see in terms of an outlook number by the year-end 2025 is in the upper teens of billion overall for the net new assets," Gerussi said. Swiss Life reported a quarterly fee income of 659 million Swiss francs ($790 million), up 3% from the same period last year in local currency, aided by its asset management business and good performances of its own and third-party products. Quarterly premiums rose 6% on the same basis to 7.9 billion Swiss francs, led by an 11% rise in France. The Zurich-based group's main market is Switzerland, which made up more than half of its premiums in the first three months of the year, followed by France which generated around a quarter of them. "Given that the shares are (one of) the most expensive insurance stocks in Europe ... the company needs to deliver and beat expectations continuously - that's what they did," Vontobel analysts said in a note. Swiss Life's shares were flat at 1205 GMT after dipping slightly in morning trade. Its results echoed those from peer Zurich Insurance (ZURN.S), opens new tab which earlier in May reported higher quarterly revenue and gross written premiums in its core property and casualty business. ($1 = 0.8342 Swiss francs)
Yahoo
15-03-2025
- Business
- Yahoo
Swiss Life Holding AG (SWSDF) (Q4 2024) Earnings Call Highlights: Strong Profit Growth Amid ...
Fee Result: Up by 33% to CHF875 million. Profit from Operations: Increased by 20% to CHF1.78 billion. Net Profit: Grew by 13% to CHF1.26 billion. Return on Equity: Increased to 16.6%, up 3 percentage points. Cash Remittance: Grew by 14% to CHF1.3 billion. Dividend Proposal: Increase by 6% to CHF35 per share, payout ratio of 81%. Revenue: Decreased by 1% to CHF8.7 billion. Gross Written Premiums, Fees, and Deposits: Increased by 3% in local currency to CHF20.3 billion. Net Investment Income: Increased significantly to CHF3.7 billion. Asset Managers Total Income: Up by 22% to CHF1.2 billion. Net New Assets in TPAM Business: CHF9.5 billion. Direct Investment Yield: Increased from 2.8% to 2.9%. SST Ratio: Estimated around 200% as of December 31, 2024. Warning! GuruFocus has detected 11 Warning Signs with SWSDF. Release Date: March 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Swiss Life Holding AG (SWSDF) delivered a strong set of full-year results for 2024, with a 20% growth in profit from operations to CHF1.78 billion. The company successfully completed its Swiss Life 2024 program, exceeding all group financial targets, including return on equity, cash remittance, dividend payout ratio, and share buyback. Net profit increased by 13% to CHF1.26 billion, with a return on equity of 16.6%, well above the target range of 10% to 12%. Cash remittance grew by 14% to CHF1.3 billion, supported by positive timing effects and one-off contributions. The company announced an ambitious new program, Swiss Life 2027, focusing on more customers, more advisors, and more efficiency to drive business growth and shareholder returns. Revenues decreased by 1% to CHF8.7 billion due to lower CSM release and FX effects. The value of new business decreased by 19% to CHF189 million, mainly due to lower volumes and business mix effects. Operating expenses increased by 6% in local currency to CHF2.1 billion due to business growth and investments in growth initiatives. The net investment result was impacted by lower income from alternative investments, despite higher contributions from bonds, equities, and real estate. Shareholder equity decreased by 3% to CHF7.3 billion, largely due to dividend payments, changes in other OCI, and share buybacks. Q: Can you explain the difference between the reported cost income ratio of 85% for TPAM and the one recalculated based on your P&L disclosure? A: The reported cost income ratio does not include certain elements like real estate project development and other net income, which are after variable commission expenses. This might be the reason for the discrepancy in your calculations. - Marco Gerussi, CFO Q: What is the outlook for the CSM release ratio in 2025? A: We expect the CSM release ratio to be at the full-year 2024 level, possibly a bit higher, although many factors can influence this ratio. - Matthias Aellig, CEO Q: Can you discuss the sustainability of the return on surplus assets and the asset management profit, particularly the non-recurring elements? A: The return on surplus assets, driven by real estate, is seen as sustainable. The non-recurring elements in asset management, mainly from project developments, were higher than expected, contributing significantly to the fee result. - Marco Gerussi, CFO Q: How do you view the competitive environment in asset management given the current interest rate levels? A: We see competitive pressure across all markets but believe we are well-positioned to seize opportunities, particularly in real assets like real estate and infrastructure equity. - Matthias Aellig, CEO Q: What is the outlook for the French non-life operating results in 2025? A: After a significant improvement from 2023 to 2024, we expect a more normalized growth level in the coming years. - Marco Gerussi, CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
