Insurer Swiss Life saw its profits surge last year as it generated substantially more fee income. Its asset management business attracted new money.
Swiss Life's net profit rose 16 percent last year to 1.46 billion Swiss francs, boosted by a 13 percent increase in fee results of 756 million francs, according to annual results released Wednesday. Its asset management business saw an increase in net new money.
Premium income fell by just under three percent last year to 19.6 billion francs, although in local currency terms premiums increased by around one percent. In contrast, fee and commission income increased by 3.2 percent to 2.37 billion Swiss francs. This resulted in an adjusted operating profit of 2.06 billion Swiss francs, an increase of 17 percent.
«Swiss Life performed very well in an economically challenging year. I am particularly pleased with the growth path for the fee result and the cash remittance to the holding company, which will enable a further increase in the dividend,» Group CEO Patrick Frost said of the results.
Assets Under Management
In its third-party asset management (TPAM) business, Swiss Life attracted 9.8 billion Swiss francs of new money last year, up from 9.4 billion the year before. Overall assets under management were 250.1 billion of which 105.4 billion was in the TPAM business while the remaining 144.7 was in proprietary insurance asset management.
Increased Dividend
A dividend of 30 Swiss francs will be proposed by the board at the annual general meeting on April 28, an increase of five francs from a 25 franc dividend. The payment date will be May 5 on all outstanding shares, excluding treasury shares and those repurchased but not canceled.
More to follow
