Switzerland’s largest life insurer posted a profit in the first half year as its fee-generating business moves center stage.
Swiss Life lifted net profit to 642 million Swiss francs in the first half year of 2022, up 4 percent for the same period in the previous year, it said in a statement Wednesday.
The fee result increased by 17 percent to 349 million francs year-on-year with all divisions contributing to the increase, it said.
«I am particularly pleased that all divisions were able to increase their fee income, their fee result and their cash remittance to the holding company,» CEO Patrick Frost, said.
Targets Remain
The value of new business increased slightly to 254 million francs in the half-year. At 3.8 percent, the new business margin was well above the company's own ambitions of 1.5 percent due to higher interest rates and an improved business mix. In addition, the solvency ratio of 215 percent was above the target range of 140 to 190 percent.
Swiss Life Group’s 2024 financial targets will remain as they are, which include maintaining return on equity between 10 and 12 percent, it said.
New Growth Drivers
Following a path it embarked on years ago, the insurer continues to grow primarily with its fee-generating business leading away from traditional life insurance, which is no longer a growth driver for the company.
