Mié, May 22nd 2024
Swiss Life sees 8% rise in fee business in Q1 2024, maintains premium income, and remains on track with annual goals.
Swiss Life increased its fee business in early 2024, while premium income remained stagnant. The group is on track to meet its year-end goals.
For the first three months of 2024, premium income was stable at 7.52 billion francs, the same level as the previous year, according to the financial group’s announcement on Wednesday. In local currencies, premium income rose by 2%.
Meanwhile, fee income saw an 8% increase, reaching 639 million francs. In local currencies, this increase was even higher at 11%. The previous year saw some weakening in European real estate transactions and project developments due to rising interest rates. The expected normalization of the real estate markets in Germany and France is crucial for future performance.
Swiss Life’s fee income exceeded analysts’ expectations for volume development in the first quarter, though premium income fell short. The group does not release figures on its results at this point in the year.
New CEO Matthias Aellig stated that Swiss Life has had a strong start to 2024 and is on track to meet or exceed the targets set in the “Swiss Life 2024” program. Aellig confirmed that the return on equity is likely to be above the targeted 10 to 12%.
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