Switzerland’s biggest life insurer posted fewer premiums in the first quarter. The company’s asset management by contrast fared rather better.
Swiss Life had a «good start» to 2017, with fee revenue of 340 million Swiss francs, an increase of 5 percent compared with the same period a year ago. Premiums dropped 1 percent to 6.5 billion francs, the company said in a statement.
In Switzerland, the company’s home market, premiums dropped 7 percent. The company said it was selective in signing new full insurances. The share of new business with part-autonomous solutions increased to 18 percent and growth with private clients was 8 percent. The business abroad yielded growth across the board.
Net New Money: 15 Percent Increase
Earnings from investments dropped slightly to 1.04 billion francs, from 1.05 billion a year ago. The investment yield on a non-annualized basis was level at 0.7 percent at the end of March.
Swiss Life’s asset management division did well in the first quarter. The business with third-party customers recorded net new money of 2.7 billion francs, an increase of 15 percent. Assets under management rose to 52.7 billion, Swiss Life said.
No News About CEO
The company didn’t comment on the health of Patrick Frost, the CEO. Frost handed over responsibility to CFO Thomas Buess in March, due to ill health.
