Swiss Life fee income rises 7% in first nine months of 2022

Swiss Life (SLHN.S) increased its fee income by 7% in the first nine months of 2022, Switzerland’s biggest life insurer said on Wednesday as it tackled higher interest and inflation rates around the world.

Fee income increased to 1.75 billion Swiss francs ($1.77 billion), while gross written premiums fell 1% to 15 billion francs, the company said. In local currencies, which cuts out the impact of currency swings, fee income increased by 13%, while premiums increased by 2%.

Direct investment income fell to 2.88 billion francs in the first nine months from 2.95 billion a year earlier, while the company’s third party asset management business attracted net new assets of 6 billion francs.

This took its asset under management for third parties at the end of September to 100 billion Swiss francs, down from 102.8 billion francs at the end of 2021.

“Swiss Life was able to continue the good development from the first half of 2022 in the third quarter of the year,” said Patrick Frost, Group CEO of Swiss Life in a statement.

“We are making good progress with the implementation of our Group-wide programme ‘Swiss Life 2024’ and confirm the Group’s

financial targets.”

Under the strategy Swiss Life wants to increase its fee result to between 850 and 900 million francs in 2024 and have a total cash remittance to the holding company of 2.8 to 3 billion francs from 2022 to 2024.

($1 = 0.9869 Swiss francs)