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Swiss Life’s profit for 2023 increased by 8 percent to 1.11 billion francs, as said on Thursday. Adjusted operating profit rose 1 percent to 1.50 billion. Analysts were expecting a value of 1.11 billion and 1.59 billion francs, respectively.
Given the improving results and solid capital base, the Board of Directors will propose to increase the dividend from 3 francs to 33 francs per share at the general meeting in mid-May. Analysts had expected the increase to be just under 33 francs.
“We are well on track to meet or exceed all of the group financial targets of our corporate program ‘Swiss Life 2024’,” said CEO Patrick Frost, who left his post at the end of May. The statement was included. He will be replaced by long-time CFO Matthias Aellig.
For the first time, Swiss Life has submitted an annual report in accordance with the new accounting standards IFRS 17/9. Essentially, this is about insurers reporting their earnings and cash flows more realistically. A new addition is the Contractual Service Margin (CSM) under which future profits are recorded.
At the end of June, CSM was said to be at 15.4 billion francs, down from 15.9 billion francs. This balance sheet figure is constantly re-evaluated by Swiss Life and a portion of the CSM flows into the income statement over time. (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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