Financial Data and Key Metrics Changes - The fee result increased by 33% to CHF 875 million, aligning with the target range of CHF 850 million to CHF 900 million for 2024 [5][8] - The operating result from the insurance business rose by 12%, contributing to a 20% growth in profit from operations to CHF 1.78 billion [6][51] - Net profit grew by 13% to CHF 1.3 billion, with an adjusted increase of 18% when accounting for prior-year tax impacts and foreign exchange effects [16][56] - Return on equity improved to 16.6%, up 3 percentage points from the previous year, exceeding the target range of 10% to 12% [7][54] - Cash remittance increased by 14% to CHF 1.3 billion, including one-off effects of approximately CHF 0.14 billion [7][55] Business Line Data and Key Metrics Changes - In Switzerland, premiums remained stable at CHF 9.9 billion, with individual life premiums increasing by 6% [18][20] - In France, premiums rose by 11% to €7.8 billion, with health and protection premiums growing by 3% [23][25] - In Germany, premiums increased by 3% to €1.5 billion, driven by modern traditional and disability products [28] - The International segment saw premiums decrease by 4% to €1.7 billion, primarily due to lower premiums from private clients [32] Market Data and Key Metrics Changes - The asset management segment reported total income up by 22% to CHF 1.2 billion, with significant contributions from real estate project developments [34][36] - Net new assets in the TPAM business amounted to CHF 9.5 billion, with strong inflows in equities driven by the new index business [39][78] - The share of non-recurring income for TPAM increased from 16% to 32% of total income, largely due to real estate project developments [35][36] Company Strategy and Development Direction - The company successfully completed the Swiss Life 2024 program and introduced the new Swiss Life 2027 program, focusing on acquiring more customers, advisors, and improving efficiency [10][11] - The strategic actions aim to enhance earnings quality and growth while delivering attractive cash returns to shareholders [11][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profitability levels achieved in 2024, particularly in the French non-life business and real estate fair value changes [79][80] - The company anticipates higher fair value changes in real estate for 2025, supported by a recovering transaction market [90][91] - Competitive pressures are acknowledged across all operating spaces, but the company believes it is well-positioned to capitalize on market opportunities [133][134] Other Important Information - The proposed dividend for 2024 is CHF 35 per share, reflecting a payout ratio of 81% [8][57] - The SST ratio is estimated to be around 200% as of December 31, 2024, remaining well above the target range [48][49] Q&A Session Summary Question: Clarification on TPAM cost income ratio - Management explained the difference between reported and internally adjusted cost income ratios, attributing it to the scope of included items [62][68] Question: CSM variances and future expectations - Management discussed the impact of lower interest rates and economic variances on CSM, indicating a potential stabilization in future release ratios [63][66] Question: Sustainability of insurance results - Management confirmed the sustainability of improved profitability levels in the insurance business, driven by technical effects and real estate fair value changes [71][79] Question: Asset management non-recurring income details - Management provided insights into the non-recurring income related to project developments, highlighting a significant portion from reevaluation gains [75][76] Question: Outlook for net new assets and index business - Management noted strong momentum in net new assets, particularly from the new index business, with expectations for continued growth into 2025 [78][79] Question: Competitive environment in asset management - Management acknowledged competitive pressures but emphasized a clear strategy to leverage market opportunities, particularly in real assets [131][134]