Swiss Life says set to meet or beat 2021 financial goals
Reuters
Published Nov 09, 2021 06:10
Updated Nov 09, 2021 06:30
ZURICH (Reuters) - Swiss Life fee income rose 15% in local currency to 1.64 billion Swiss francs ($1.80 billion) in the first nine months of the year as all divisions contributed to the rise, Switzerland's biggest life insurer said on Tuesday.
Premiums fell 2% in local currency to 15.2 billion francs, while it estimated its SST solvency ratio stood at around 210% as of the end of September, above the target range of 140 to 190%.
"We are convinced that we will achieve or exceed our financial targets under our 'Swiss Life 2021' Group-wide programme. This puts us in an excellent position to further develop Swiss Life successfully," Chief Executive Patrick Frost said in a statement.
Swiss Life will present its goals for the next strategic period on Nov. 25. Its 2021 goals also included returning 2-2.25 billion francs to the holding company over the 2019-2021 period.
In the first nine months, Swiss Life Asset Managers posted net new assets of 6.3 billion francs in its third-party asset management (TPAM) business, where assets under management rose to 100 billion at the end of September from 92 billion at the end of 2020.
Direct investment income was flat at 2.95 billion, while the non-annualised direct investment yield slipped to 1.7% from 1.8%. The net investment yield on a non-annualised basis increased to 2.0% from 1.4%, it said.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.