Swiss Life’s fee business grew in the first nine months
Published: Wednesday, Nov 8th 2023, 07:20
Updated At: Thursday, Nov 9th 2023, 00:54
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Life insurer Swiss Life continued to grow in the first nine months of the year with income from fees and commissions. Premium income has also risen in the year to date.
The fee business, which includes income from financial advisory services, asset management for pension funds and the sale of investment-linked pension products, generated CHF 1.79 billion for the financial group, compared to CHF 1.75 billion in the same period of the previous year, as Swiss Life announced on Wednesday. This corresponds to growth of 5 percent in local currencies compared to the previous year.
The Group's premium income in local currencies rose to CHF 15.5 billion in the first nine months, compared to CHF 15.0 billion in the previous year. In local currencies, the increase also amounted to 5 percent.
CEO Patrick Frost is quoted in the press release as saying that Swiss Life continues to grow in both the insurance business and the fee business overall, despite a subdued real estate market environment. He believes the Group is on track with the "Swiss Life 2024" corporate program, which includes an increase in profits in the fee business.
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