the swiss times

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Swiss Life Sees Decline In Occupational Benefit Premiums

Swiss Life Sees Decline In Occupational Benefit Premiums

Wed, May 29th 2024

Swiss Life collected fewer premiums in 2023, with semi-autonomous pension solutions impacting total volume.

KEYSTONE/Christian Merz

Swiss Life collected fewer premiums in the occupational benefits business in 2023.

Swiss Life collected a total of CHF 7.57 billion in premiums in the occupational benefits business (BVG) in the 2023 operating statement published on Wednesday. This corresponds to a decrease of 5 percent compared to 2022.

One reason for the decline in volume is the growth in semi-autonomous pension solutions. According to information provided earlier, the assets managed there increased to CHF 7.1 billion in 2023 from CHF 6.4 billion in the previous year. However, this business is largely not reported in the premium income.

The number of active insured employees at Swiss Life at the end of the financial year was just under 500,000, compared to 511,000 in 2022. Of these, around 310,000 (325,000) were in full insurance. As in the previous year, the number of pension recipients was just under 87,000.

The operating result in Swiss Life’s BVG business fell to CHF 93 million from CHF 138 million previously. This was also due to the lower net investment income of CHF 1.03 billion compared to 2022. Due to the ongoing volatility on the financial markets, investments were often subject to greater fluctuations, according to Swiss Life.

CHF 546 million was allocated to the surplus fund last year. And insured persons benefited from a higher distribution from the fund than in the previous year, at CHF 262 million. Meanwhile, the total interest on retirement assets in full insurance amounted to around 1.8 percent.

©Keystone/SDA

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