Life insurer Swiss Life boosted premium income in the first quarter of the year, but failed to grow in its key domestic market. The company's CEO however remains confident for the full year.
First-quarter premiums rose 4 percent to about 7 billion Swiss francs, Swiss Life reported Tuesday (report in German). The insurer’s result exceeded analyst expectations of 6.7 billion francs.
In its home market, premium income stagnated at year-earlier levels of 4.6 billion francs. In neighboring France, premium income increased 17 percent to 1.4 billion francs. Swiss Life also posted strong growth rates in the German and global markets. Fee income gained 9 percent on the year to 395 million francs, with all divisions contributing to the growth.
Optimistic Outlook
The Swiss Life Asset Managers unit generated net new money inflows of 2.4 billion francs, down 13 percent in local currency terms from the first quarter of 2017, the company said. Managed assets edged up to 63.6 billion francs by the end of March, from 61.4 billion francs at the end of 2017. This pushed the fee income up 11 percent from a year ago to 152 million francs.
Given the first-quarter results, Patrick Frost, CEO of Swiss Life, said he’s confident of reaching, or even topping, his target for the full year.
