Swiss Life reports rise in fee income
Swiss Life Holding AG said Tuesday that its first-quarter fee income rose, and that it is confident it can meet its 2021 targets despite the coronavirus pandemic.
The Swiss group said it generated fee income of 453 million Swiss francs ($466 million) for the quarter, up from CHF429 million during the same period a year ago.
Gross written premiums, policy fees and deposits received for the quarter amounted to CHF7.82 billion, down 21% year-on-year. The decline is due to the extraordinarily high single premiums achieved the year prior after a competitor withdrew from the full insurance business in Switzerland, the company’s biggest market, Swiss Life said.
The coronavirus pandemic had limited effects on Swiss Life’s first-quarter figures, the company said.
“The main effects of the Covid-19 pandemic for Swiss Life arise from the turmoil on the financial markets. In the 2020 financial year, this impacts fee business and also insurance business through investment income and the net investment result,” the company said.
Swiss Life backed its 2021 targets, saying it has strong solvency and a resilient business model.
Cristina Roca
Source:marketwatch.com