The Swiss Life Group is on track to meet financial targets for this year, reporting increases in both fee income and premium income in the first nine months of 2017.
Here are the numbers:
- Fee income - CHF 1 billion, up 7% in local currency compared to the same period in 2016
- Group-wide premium income - CHF 13.8 billion, up 3%
- Insurance reserves to the benefit of policyholders - up 3%
- Direct investment income - CHF 3.2 billion, from last year’s CHF 3.3 billion
- Swiss Life Asset Managers net new assets - CHF 7 billion from third-party business
“We maintained our positive development from the first half-year in the third quarter of 2017,” said Swiss Life Group chief executive Patrick Frost. “We made further progress in a strategically important area with our growth in fee income. In addition, we increased premium income in spite of our ongoing strict focus on profitability.”
To break it down in terms of core markets, here’s how fee income and premiums stacked up:
- Switzerland - premium income down 7%; fee income down 4%
- France - premium income up 13%; fee income up 23%
- Germany - premium income up 1%; fee income up 5%
As for the Swiss Solvency Test (SST), the firm estimates its SST ratio at around 175% as of the end of September 2017.
“With the results of the first three quarters we continue to be confident that we will meet our financial targets for 2017,” stated Frost.
reports nine-month results
misses target but premium income up