Insurer Swiss Life Group (SZLMY.PK,SLHN.VX) reported Tuesday that its first-half net profit grew 15 percent from last year to 618 million Swiss francs.
Adjusted profit from operations was 889 million francs, an increase of 13 percent over the previous year.
The fee result increased 14 percent from the previous year to 309 million francs. Both the insurance units and Swiss Life Asset Managers increased their contributions to the fee result.
Swiss Life achieved fee income in local currency of 1.08 billion francs, up 15 percent from last year.
Premiums amounted to 10.9 billion francs, down 7 percent from 11.6 billion francs, mainly due to the development in Switzerland and the disciplined underwriting policy.
The value of new business totaled 252 million francs, up 24 percent. The new business margin rose to 3.1 percent from previous year's 2.1 percent.
Looking ahead, Swiss Life said it is making very good progress with its "Swiss Life 2021" Group-wide program and confirmed its financial targets.
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