Swiss Life increased fee income and premium income in the first quarter, while new money flowed into the asset management unit of the insurer.

Swiss Life increased fee income by three percent to 595 million Swiss francs ($669 million) during the first three months of the year, and seven percent when calculating using local currencies, the insurance group reported Thursday. The business with financial advice, asset management for third parties, and the sale of investment-linked pension products also grew.

In France and Germany, fee income grew strongly, up 14 percent and 17 percent respectively.

New Money and Lower Fees

In asset management, Swiss Life recorded net new money of 2.5 billion francs from third-party clients, compared to 1.2 billion in the comparable year-ago quarter. Assets under management grew by around three billion francs to 108 billion.

Fee income shrunk by 12 percent to 212 million francs due to the sale of Livit FM Services, currency effects, and a subdued environment for real estate transactions as reasons, with a «massive decline» in the latter.

Rising Premium Income

In the premium business, the company reported a ten percent increase in income to 7.53 billion francs, which translated into an 11 percent gain in local currency terms. The growth was also due to the acquisition of Elipslife from Swiss Re. In its Swiss business, premiums grew by two percent to 4.4 billion Swiss francs.

The non-annualized investment return was unchanged at 0.6 percent. Direct investment income was  940 million compared to 970 million a year ago.

"Swiss Life has made a good start to the 2023 financial year," says CEO Patrick Frost. "With our corporate program 'Swiss Life 2024', we remain well on track to meet or exceed the Group's set financial targets by 2024," he further emphasized.

«Swiss Life has made a good start to the 2023 financial year», says Patrick Frost, Group CEO of Swiss Life. «With our ‘Swiss Life 2024’ Group-wide program, we remain well on track to achieve or exceed the Group’s financial targets by 2024.»