Swiss Life increased fee income and boosted premiums during the first three quarters of the year. Its asset management unit attracted net new money.
Building on positive developments over the first half of the year, momentum continues for Swiss Life in the third quarter, helping it achieve a 13 percent increase in fee income over the first nine months of 2022 to 1.745 billion Swiss francs, according to a statement Wednesday from the insurer.
Gross written premiums were 15 billion francs during the period, registering a 2 percent increase in local currency terms, according to the report.
«Swiss Life was able to continue the good development from the first half of 2022 in the third
quarter,» says Group CEO Patrick Frost.
Attracting Money
Swiss Life Asset Managers booked 6 billion francs in net new assets during the first three quarters. Assets under management (AuM) dipped to 100 billion at the end of September, down from 102.8 billion at the end of December, according to the report. Overall fee income in the unit was 732 million francs, a 13 percent gain in local currency terms.
Home Market
In its home market of Switzerland, fee income was little changed at 241 million francs during the first nine months of the year versus 242 million in the comparable year-ago period. The same was true for gross written premiums, policy fees, and deposits at 7.8 billion francs compared to 7.7 billion a year ago.
«We are continuing to develop Swiss Life successfully also in times of higher interest and inflation rates. We could, for example, reduce vacancies from 4.5% to 4.2% in our real estate portfolio where we also recorded higher valuations,» Frost added.
