The insurer's Swiss premiums fell in the first quarter, though it won considerable new assets and backed financial targets.
Zurich-based Swiss Life's first-quarter premiums fell 14 percent on the year to 6.8 billion Swiss francs ($7.55 billion), it said in a statement on Tuesday. This is mainly due to a drop in full insurance business in its home market, which a 17 percent rise in French premiums couldn't offset.
The insurer's income from fees in all divisions climbed 14 percent to 527 million francs, thanks to its independent financial advisers, proprietary as well as third-party products and services, and its asset management division. It also added 1 billion francs to its semi-autonomous business, where clients partly manage their money money themselves – most of which is not reported as premiums.
The asset management division won 2.9 billion francs in fresh money, underpinning a rise in managed assets to 96.7 billion francs at the end of March, from 91.6 billion francs at year-end. Swiss Life said it is on track with a three-year-old program to lift profitability and earnings quality and backed targets, which include a return on equity of eight to ten percent, on an adjusted basis.
