Interest fee

Swiss Life commission income increases by 7% in the first nine months of 2022

ZURICH, Nov 9 (Reuters) – Swiss Life (SLHN.S) increased its commission income by 7% in the first nine months of 2022, Switzerland’s largest life insurer said on Wednesday as it attacked the rise in interest rates and inflation around the world.

Commission income rose to 1.75 billion Swiss francs ($1.77 billion), while gross written premiums fell 1% to 15 billion francs, the company said. In local currencies, which mitigates the impact of currency fluctuations, commission income increased by 13%, while premiums increased by 2%.

Direct investment income fell to 2.88 billion francs in the first nine months from 2.95 billion a year earlier, while the company’s third-party asset management business attracted new net assets of 6 billion francs.

This brought its assets under management for third parties at the end of September to 100 billion Swiss francs, compared to 102.8 billion francs at the end of 2021.

“Swiss Life was able to continue the good development from the first half of 2022 to the third quarter of the year,” said Patrick Frost, Group CEO of Swiss Life in a press release.

“We are making good progress in the implementation of our Group-wide program “Swiss Life 2024” and confirm the Group’s desire

financial goals.”

As part of the strategy, Swiss Life wants to increase its commission income to between 850 and 900 million francs in 2024 and have a total cash payout to the holding company of 2.8 to 3 billion francs from 2022 to 2024.

($1 = 0.9869 Swiss francs)

Reporting by John Revill

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