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By Swissquote Analysts
Published on 02.03.2023
Morning news

Swiss Life Group 2022 Earnings Improve, Lifts Annual Dividend

Topic of the day

Swiss Life Holding AG on Wednesday posted an increase in earnings for the year 2022, amidst a rise in fee result. Patrick Frost, CEO of the Swiss Life Group, pointed out: 'Swiss Life performed very well in an economically challenging year. I am particularly pleased with the growth path for the fee result and the cash remittance to the holding company, which will enable a further increase in the dividend.’ For the 12-month period, the Zurich-headquartered firm reported a profit of CHF 1.46 billion, compared with CHF 1.25 billion of 2021. Adjusted profit from operations was at CHF 2.06 billion, higher than last year's CHF 1.81 billion. Premiums came in at CHF 19.6 billion as against last year's CHF 20.2 billion, which corresponds to an increase of 1% in local currency. Fee result improved to CHF 756 million from 668 million a year ago. The Group revealed it will pay an annual dividend of CHF 30.00 per share, which is higher than last year's CHF 25.00 per share. The dividend will be paid on May 5. In addition, the company has appointed Theo Iaponas as the new Chief Executive Officer of Swiss Life International, with effect from July 1. Iaponas has held several management positions at Swiss Life since 2009, most recently at Swiss Life International as CEO of Global Employee Benefits in Luxembourg. Iaponas will succeed Nils Frowein, who, after 15 years at the Swiss Life Group, has decided to embark on another new chapter in his career. Looking ahead, Swiss Life noted that the 'Swiss Life 2024' Group-wide program is very well on track and it is convinced to achieve or exceed the Group's financial targets by 2024. The higher-than-expected results, the attractive dividend and the rosy outlook went down well at the stock market. On Wednesday, the shares climbed by 3.6 per cent.

Swiss stocks

On Wednesday, the SMI fell by 0.4 per cent to 11,056 points. Among the 20 SMI stocks, there were 15 price losers and 5 price winners. 38.41 (previously: 58.09) million shares were traded. Luxury goods manufacturers Richemont and Swatch were boosted by positive economic data from China, rising by 0.6 and 1.5 per cent respectively. Kuehne & Nagel's annual figures for 2022 were also received favourably by traders. The logistics group had come through a difficult period well, traders commented. All segments had developed positively and the new medium-term outlook until 2026 was confident. Margins picked up as well, evidenced by the 20 per cent increase in net sales and 28 per cent rise in EBIT, according to one trader. However, the market is likely to have a closer look at the performance in the coming quarters as activity weakened in the fourth quarter. Shares climbed 5.1 per cent. Emmi shares, on the other hand, dropped 1.8 per cent after reporting 2022 figures. In contrast, the shares of industrial company Georg Fischer advanced 5.0 per cent after results for the 2022 financial year.

International markets


Continental European equity markets closed lower on Wednesday after the release of higher-than-expected inflation figures in Germany, fuelling fears of further rate hikes by the European Central Bank (ECB). The Stoxx Europe 600 index fell 0.7 percent to 457.7 points. In Paris, the CAC 40 and SBF 120 lost 0.5% and 0.4%, respectively. The DAX 40 index in Frankfurt was down 0.4% while the FTSE 100 in London gained 0.5%. Pharmaceutical, food and environmental testing group Eurofins (-12.1%) revised its outlook for 2023, coming off the back of a 2022 fiscal year hurt by falling sales of Covid-19-related tests and reagents. Renewable energy producer Neoen (-13.9%) on Wednesday reviewed the investments required to reach its target of 10 gigawatts of capacity in 2025, citing the increased costs of building new solar, wind and storage facilities. BNP Paribas shares fell 4.2% after the Belgian government sold about a third of its stake in the French bank. Digital services company Atos (+5%) announced a reduction in its net loss in 2022 to €1.01bn from €2.96bn in 2021. European stock exchange operator Euronext (+4%) withdrew its indicative offer to acquire 100% of Allfunds Group (-13.9% in Amsterdam), as no agreement has been reached between the two groups, according to Allfunds. The manufacturer of licensed perfumes Interparfums (+5.6%) expressed optimism on Wednesday for 2023 despite an uncertain environment, having seen its results improve in 2022.

United States

Stronger-than-expected manufacturing data Wednesday pushed the market lower and lifted the 10-year Treasury yield to a level rarely seen in recent years, as investors weigh signs of persistent inflation. The S&P 500 fell 18.76 points, or 0.5%, to 3951.39. The technology-focused Nasdaq Composite dropped 76.06 points, or 0.7%, to 11379.48. The Dow Jones Industrial Average spent most of the day in the red, then eked out a tiny gain of 5.14 points, or 0.02%, to 32661.84. U.S. factory activity contracted for the fourth month in a row, according to the Institute for Supply Management’s February survey, but the data came in slightly above analysts’ projections. Manufacturers surveyed also said they saw signs of improving demand and accelerating price pressures in the months ahead. Among individual U.S. stocks, shares in Rivian Automotive plunged $3.54, or 18%, to $15.76. The electric-vehicle startup reported mixed results Tuesday and said it would recall nearly 13,000 vehicles to fix a faulty sensor in the front passenger seat. The Covid-19 vaccine developer Novavax, meanwhile, plummeted $2.40, or 26%, to $6.86 a share after warning investors Tuesday that “substantial doubt exists regarding our ability to operate as a going concern” through the next year. Tupperware Brands lost $0.61, or 15%, to $3.49 after the company posted a loss for the fourth quarter.


Asian stocks were mixed on Thursday. The best performance occurred in Seoul, where the Kospi rose by 0.9 per cent. The cosmetics share Amorepacific gains 4.4 per cent. The Nikkei index in Tokyo is barely moving at 27,518 points, and the Chinese stock markets show a narrow range of volatility. The HSI in Hong Kong loses 0.5 per cent after the previous day's rally in reaction to the higher Chinese purchasing managers' indices. Among individual stocks, China Vanke in Hong Kong drops 3.7 per cent. The property company announced plans to increase its capital. Budweiser Brewing APAC slips 2.8 per cent. The company has reported a decline in net profit.


Long-dated U.S. government debt yields moved higher on Wednesday, sending the benchmark 10-year briefly above 4%, on concerns that China’s post-Covid economic recovery may complicate the the fight against inflation for central banks and result in even higher interest rates. Meanwhile, the spread between 2- and 10-year Treasury yields inverted more deeply, to minus 89.3 basis points. That’s the most negative reading since Oct. 2, 1981, when it inverted to minus 96.8 basis points. The 10-year Treasury note gained 8 basis points to 4.002%. The 2-year Treasury note added 8 basis points to 4.895%.


CS raises Scout24 to EUR 52 (49)/Neutral - Trader
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