Swiss Life is struggling to maintain its gross premiums at the first partial

Swiss Life is struggling to maintain its gross premiums at the first partial
Swiss Life is struggling to maintain its gross premiums at the first partial
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Keystone-SDA

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May 22, 2024 – 10:18

(Keystone-ATS) Swiss Life suffered a slight decline in its gross premiums over the first three months of the year, which reached 7.52 billion francs (-0.2%). In local currencies, they are nevertheless up 2%, the insurer said on Wednesday.

Commissions brought in 639 million francs, which represents an increase of 7.4% year-on-year or 11% at constant exchange rate. They were driven by consulting activities in particular.

Net inflows into third-party asset management (TPAM) were well below market expectations, at 691 million. In the first quarter of 2023, these inflows rose to 2.5 billion francs.

Swiss Life missed expectations on the gross premiums side but exceeded them on the commissions side. The analysts consulted by AWP expected on average total gross premiums of 7.67 billion francs. Commission income was expected at 630 million and net inflows at 2.52 billion.

In Switzerland, gross premiums totaled 4.39 billion francs, suffering a decline of 1%. In commission activities, a 5% increase in revenue was recorded to 82 million francs. Assets under management in semi-autonomous pension solutions reached 7.5 billion.

In Germany and France, gross premiums stood at 402 million euros (+4%) and 1.85 billion euros (+9%) respectively. These two markets also recorded an increase in commission activities. In the International segment, on the other hand, premiums fell by 1% to 1.05 billion euros.

Direct investment income reached 1.02 billion francs, for a non-annualized investment return of 0.7%, compared to 0.6% in the same period a year earlier.

At the end of March, the solvency ratio (SST) was estimated at 210%, above the targeted range of 140 to 190%.

Swiss Life considers itself on track to achieve its objectives in 2024. The insurer continues to target commissions in the low range of 850 to 900 million francs in 2024, subject to normalization in the real estate markets in Germany and In France.

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