One-off effects, in particular as a result of the impairment in the value of AWD’s intangible assets of CHF 578 million announced last year, led to reported net profit of CHF 93 million (2011: CHF 606 million).
Important contributors to this positive development in the results were the market units in Switzerland, Germany, France and Investment Management. Results in AWD and Swiss Life International were lower than expected.
With investment performance of 8.5% (2011: 7.5%), an investment result of CHF 5.7 billion and net investment return of 4.8% (2011: 3.8%) were achieved, which enabled substantial strengthening of the technical reserves.
With CHF 17.0 billion Swiss Life maintained premium income at its prior-year level and improved its new business margin from 1.2% to 1.4% despite the challenging market conditions.
Shareholders’ equity rose by 12% to CHF 10.3 billion; the Group’s solvency ratio climbed from 213% in 2011 to 242% at the end of 2012.
The Board of Directors proposes that the Annual General Meeting approve a distribution of CHF 4.50 per share.
In the words of Bruno Pfister, Group CEO, "Swiss Life succeeded in further enhancing its operational effectiveness in 2012, fuelled by an excellent investment result and further operational improvements. Even though net profit contracted markedly due to the impairment in AWD’s intangible assets, our key figures for the past year show that we have a solid foundation on which to further expand our market position in the coming years."