Swiss Life confirms 2017 targets as fee income, premiums rise
[ZURICH] Swiss Life confirmed its 2017 financial targets as it took in more premiums in its insurance business and generated more income from asset management in the first nine months.
Switzerland's biggest life insurer said group-wide premiums rose 3 per cent to 13.81 billion Swiss francs (S$18.83 billion), compared to 13.36 billion francs the year before. Fee and commission income rose 6 per cent to 1.04 billion francs.
"With the results of the first three quarters we continue to be confident that we will meet our financial targets for 2017," chief executive Patrick Frost said in a statement on Wednesday.
Swiss Life has focused on trimming costs and raising third-party asset management and investment income to offset sluggishness in its core life insurance business.
Swiss Life - whose main markets include Switzerland, France and Germany - has like other insurers been squeezed by low and negative interest rates.
In August, the group posted a larger-than-expected rise in half-year profit as growing real estate holdings helped increase income.
It does not give profit figures in its nine-month interim statement.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
Barclays Q1 profit falls 12% as mortgage competition, deals drought hit
Deutsche Bank Q1 profit jumps 10% as investment bank outperforms
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Morgan Stanley Asia private equity unit to reorganise as CEO retires