Double-digit growth for fee income helped Swiss Life get off to a strong start in the first quarter.
Swiss Life was able to generate higher fee and premium growth during the first quarter compared to a year ago, generating a 14 percent rise in fees of 579 million Swiss francs ($583 million), the insurer announced Wednesday.
During the same period, income from premiums was 6.9 billion francs, representing a 3 percent increase, Swiss Life said. The percent changes are calculated in local currency terms.
«We were able to increase both fee income and premiums in all divisions», says Group CEO Patrick Frost. He went on to say «I am pleased with the good start to our new ‛Swiss Life 2024’ Groupwide program, with which we want to continue our successful development of recent years».
New Assets
The insurer attracted 1.2 billion Swiss francs in net new assets during the fourth quarter, although total assets under management slipped to 102.3 billion francs in the first quarter from 102.8 during the first three months of 2021. The decline is most likely the result of the broadly negative trends in the financial markets this year.
