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Swiss Life Holding Fee Income, Premiums Rise In Q1

Switzerland-based insurance business Swiss Life Holding AG (SLHN) on Wednesday said fee income increased by 14 percent, and premiums rose 3 percent in the first quarter

The company said fee business increased to CHF 579 million, CHF 527 million in the year-ago quarter. The 14 percent growth is attributed to the more than 20 percent growth in Swiss Life Asset Managers and the more than 12 percent growth in own and third-party products and services.

Premium income increased to CHF 6.86 billion in the first quarter from CHF 6.80 billion in the corresponding period of the previous financial year.

Though direct investment income edged up to CHF 0.97 billion, net investment yield on a non-annualized basis increased to 0.9 percent, from 0.7 percent in the previous period.

The SST ratio at the beginning of the period increased to 223 percent from 197 percent during the same period last year.

Swiss Life Asset Managers achieved net new assets in TPAM business of CHF 1.2 billion versus CHF 2.9 billion in the previous period.

Swiss Life Holding closed Tuesday's trading at $535.00, down $59.80 or 10.05 percent from the previous close.

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