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Swiss Life Q1 Fee Income Up, Premiums Down

Swedish Insurer Swiss Life Group (SZLMY.PK,SLHN.VX) Tuesday reported 11 percent growth in fee income for the first quarter, while premiums declined by 20 percent, both in local currency.

For the first quarter, the Group's fee income rose by 11 percent in local currency to 453 million Swiss francs. The Group said growth in local currency is due to 11 percent growth in Swiss Life Asset Managers, 8 percent growth in to own and third-party products and services, and 7 percent growth in to owned IFAs.

Swiss Life generated premiums of 7.82 billion francs during the quarter, a decline of 20 percent in local currency. This was due to the extraordinarily high single premiums written by Swiss Life in the previous year, owing to the withdrawal of a competitor from the full insurance business in Switzerland. Taking this extraordinary effect into account, premiums in the first quarter in Switzerland were 4 percent higher, the Group said.

Looking ahead, the Group said it is confirming its financial targets under the "Swiss Life 2021" Group-wide programme.

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