Swiss Life generated total premium income of 15,9 billion francs (+3 percent compared to the previous year) and fee income of 1,9 billion francs (+5 percent) in the first nine months, according to a press release issued on Thursday.

«Swiss Life was able to continue the positive development from the first half of the year into the third quarter of 2024. Growth is broadly based in both the fee and insurance businesses,» commented Matthias Aellig, Group CEO of Swiss Life. «With our corporate program ‘Swiss Life 2024,’ we are on track to achieve or exceed all of the Group’s financial targets, and to reach the lower end of the ambitious target range for fee income.»

Real Estate Markets in Germany and France as a Potential Disruption?

Achieving the lower end of this target range of  850 francs to 900 million francs, however, depends on the further normalization of real estate markets in Germany and France.

On Investor Day, December 3, 2024, the life insurance company will present the new corporate program for the upcoming three years, along with the corresponding strategic and financial objectives.

Declining Revenue in the International Unit

In its home market of Switzerland, Swiss Life generated premiums of 8 billion francs (+1 percent). Fee income rose more significantly, by 5 percent, to 252 million francs.

In France, Swiss Life increased premium income by 12 percent to €5,6 billion. The fee business grew by 16 percent, reaching €416 million. In Germany, premiums amounted to €1,1 billion (+4 percent), while fee income rose by 10 percent to €602 million. Premiums and fees were down in the International unit, declining by 7 and 3 percent respectively, to €1,5 billion and €283 million.

Below-Average Earnings Growth in Third-Party Business

Swiss Life Asset Managers increased fee income by 5 percent to 699 million francs. Of this, 436 million francs came from third-party business, which grew by a below-average rate of 2 percent. Net new money inflows in third-party business amounted to 3,4 billion francs in the first nine months (compared to 8,4 billion francs in the same period last year), while assets under management totaled 119 billion francs as of the end of September (end of 2023: 112 billion francs).

According to the statement, Swiss Life generated direct investment income of 3,08 billion francs in the first nine months of 2024 (previous year: 2,99 billion francs).