Swiss Life HY Net Profit Rises; Confirms FY24 Targets

Switzerland-based insurance business Swiss Life Group reported that its net profit for the first half of 2022 rose by 4% to 642 million Swiss francs. It confirmed its 2024 financial targets.

Adjusted profit from operations were 922 million francs in the first half of 2022, an increase of 6% from half-year 2021.

The fee result increased by 17% to 349 million francs from the previous year. All divisions increased their contributions to the fee result.

Fee income rose to 1.17 billion francs. The growth of 13% in local currency was due to Swiss Life Asset Managers (+16%), own and third-party products and services (+7%) and owned IFAs (+5%).

Premiums in the first half of 2022 were 10.8 billion francs, a 2% increase in local currency.

Swiss Life said it made a good start with the other financial targets of the new "Swiss Life 2024" Group-wide program: the adjusted return on equity stood at 11.8% and therefore at the upper end of the target of 10% to 12%.

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