Good H1 23 figures, new share buy-back programme

• Net profit attributable to shareholders increased by 12% to CHF630m for H1 23 • Insurance revenues were up by 21% to CHF4.5bn for H1 23 • The RoE was 15.8% for H1 23 and therefore above the target range of 10-12% of “Swiss Life 2024” • All financial targets of “Swiss Life 2024” were confirmed • New share buy-back programme of CHF300m announced from October 2023 onwards

Good 2022 figures, dividend increased

• The net profit attributable to shareholders increased by 16% to CHF1.45bn in 2022 compared to 2021 • The DPS proposal rose from CHF25.00 per share for FY2021 to CHF30.00 per share for FY2022 • The (adjusted) RoE was 12.8% for FY2022 and above the target range of 10-12%

Good H1 22 figures, all targets confirmed

• Net profit attributable to shareholders increased by 4% to CHF636m for H1 22 • Gross written premiums were down by 1% to CHF10.8bn for H1 22 and increased by 2% in local currency • The (adjusted) RoE of 11.8% for H1 22 is at the upper end of the target range of 10 to 12% • All financial targets of “Swiss Life 2024” were confirmed

Good 2021 figures, increased dividend

• The net profit attributable to shareholders increased by 19% to CHF1.25bn in 2021 compared to 2020 • The DPS proposal rose from CHF21.00 per share for FY2020 to CHF25.00 per share for FY2021 • All financial targets of “Swiss Life 2021” were achieved or exceeded

Solid 2020 figures, increased dividend

The net profit attributable to shareholders declined by 13% to CHF1,046m in 2020 compared to 2019 mainly impacted by two one-off effects which are unrelated to COVID-19 The DPS proposal rose from CHF20.00 to CHF21.00 for FY2020 All financial targets of “Swiss Life 2021” were confirmed despite the COVID-19 crisis

Solid H1 20 figures, all targets confirmed despite COVID-19

• Net profit attributable to shareholders decreased by 13% to CHF533m for H1 20 • Gross written premiums were down by 17% for H1 20 due to a special Swiss effect in 2019 but +2% on an adjusted basis • All financial targets were confirmed despite the COVID-19 crisis. The (adjusted) RoE of 10.2% for H1 20 is above the ambition range of 8-10%

Good 2019 figures, substantially increased dividend

• The net profit attributable to shareholders rose by 11% to CHF1199m in 2019, supported by a CHF49m tax effect • Net earned premiums were pushed by the Swiss portfolio acquisition (+29%) • The DPS proposal rose by 21% to CHF20.00 for FY2019 • Swiss Life will start a new share buy-back programme of CHF400m from March 2020 to May 2021

Limited 9M 19 information

• Gross written premiums increased by 25% to CHF18bn in local currency in 9M 19, driven by the acquisition of the Swiss portfolio of AXA • Fee income was up by 17% to CHF1.3bn in local currency • Net new money inflow in third-party asset management was CHF6.4bn in 9M 19

Good H1 19 figures pushed by Swiss portfolio acquisition

• Net profit attributable to shareholders rose by 10% to CHF615m for H1 19 • Net earned premiums were pushed by the Swiss portfolio acquisition (+43%) • Third-party assets under management grew by 12% to CHF79.5bn

Good FY2018 earnings, substantially increased dividend

Preliminary pre-tax profit increased by 6% to CHF1.4bn for 2018 compared to 2017. Net earned premiums were up by 3% to CHF13.2bn for 2018 compared to 2017. The Investment result increased by 21% to CHF4.6bn in 2018. RoI was 3.0% for 2018 compared to 2.5% for 2017. Fee and commission income rose by 10% to CHF1.6bn in 2018. Total income increased by 7% to CHF20.1bn in 2018. Insurance claims were up by 6% to CHF14.0bn for 2018. Total expenses rose by 7% to CHF18.5bn in 2018. The tax ratio came sli

Limited 9M 18 information

Swiss Life released, as always, a Q3 statement with limited information (no income statement or balance sheet) and no Q3 report. Group premium income rose by 4% in local currency to CHF14.7bn in 9M 18 compared to the same period last year. Premium income rose by 3% to CHF7.8bn in the Swiss home market, the most important market (53% share) for the group in the same period. Premium income was up in local currency by 11% to CHF4.3bn in France and up by 2% to CHF986m in Germany. Premiums of the Ins

Good H1 18 figures

Pre-tax profit increased by 8% to CHF730m for H1 18 compared to the same period last year. Net earned premiums were up by 6% to CHF7.9bn for H1 18. Investment income rose by 2% to CHF2.23bn for H1 18 compared to H1 17. Fee and commission income was up by 18% to CHF798m in H1 18 versus H1 17. Total income increased by 9% to CHF11.7bn for H1 18 compared to H1 17. Insurance benefits and claims rose by 2% to CHF8.1bn for H1 18 compared to H1 17. Total expenses were up by 9% to CHF10.9bn in the same

Limited Q1 business indications

Swiss Life released, as always, a Q1 statement with limited information (no income statement or balance sheet) and no Q1 report. Gross written premium income increased by 4% to CHF7.0bn in local currency (+7% in CHF) for Q1 18 compared to the same period last year. The core market, Switzerland, was flat at CHF4.6bn. Premium income was up by 17% in France, by 0% in Germany and by 12% for International business in local currency for Q1 18. Fee income rose by 9% to CHF395m for Q1 18 compared to Q1

Good FY2017 earnings, dividend increased by 23%

Preliminary pre-tax profit increased by 9% to CHF1.32bn for 2017 compared to 2016. Net earned premiums were down by 3% to CHF12.8bn for 2017 compared to 2016. Investment result was down by 20% to CHF3.8bn in 2017 due to net capital losses instead of gains as in 2016. RoI was 2.5% for 2017 compared to 3.3% for 2016. Fee and commission income rose by 9% to CHF1.47bn in 2017. Total income declined by 5% to CHF18.8bn in 2017. Insurance claims decreased by 6% to CHF13.2bn for 2017. Total expenses dec

Limited 9M 17 information

Group premium income rose by 3% to CHF13.8bn in 9M 17 compared to the same period last year. Premium income declined by 7% to CHF7.6bn in the Swiss home market, the most important market (55% share) for the group in the same period. Premium income was up in local currency by 13% to CHF3.7bn in France and up by 1% to CHF911m in Germany. Premiums of the Insurance International segment increased by 59% in local currency to CHF1.6bn. Fee and commission income rose by 6% to CHF1.04bn for 9M 17. The g

Morning Note – 22 April 2024

Benefits of scale set to materialise

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LSL Property Services (LSL LN) - Transformation & market recovery

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LIBERUM: PensionBee: Strong start to the new financial year

Regional REIT - Performing as expected ahead of refinancing

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LIBERUM: PayPoint: On track for £100m of EBITDA in FY 26

Witan

Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

Hybridan Small Cap Feast - 22 April 2024

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