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Swiss Life 9-month Fee Income Up 10%

Swedish Insurer Swiss Life (SZLMY.PK,SLHN.VX) Wednesday posted 10 percent growth in fee income for the nine-month period, while premiums declined by 13 percent due to the extraordinarily high single premiums written by Swiss Life in the previous year.

The Group reported fee income of 1.4 billion francs for nine months, an increase of 10 percent in local currency. The contribution from Swiss Life Asset Managers rose by 12 percent, from owned IFAs by 8 percent and from own and third-party products and services by 5 percent.

Year-to-date, premiums slid by 13 percent in local currency to 15.4 billion francs. The group attributed the decline to the normalization of premiums following the withdrawal of a competitor from the full insurance business in Switzerland in 2019. After taking this extraordinary effect into account, premiums were at the prior-year level, the Group noted.

In addition, Swiss Life said it is on track with its Group-wide programme "Swiss Life 2021" and confirmed its financial targets. The group also announced Tanguy Polet as the new CEO of Swiss Life France.

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