May 12, 2020 / 5:17 AM / 20 days ago

BRIEF-Swiss Life Confirms Financial Targets of "Swiss Life 2021" Programme

May 12 (Reuters) - Swiss Life:

* INCREASE IN FEE INCOME BY 11% TO CHF 453 MILLION – NORMALISATION OFPREMIUMS

* THE SWISS LIFE GROUP GENERATED FEE INCOME OF CHF 453 MILLION, AN INCREASE OF 11% INLOCAL CURRENCY COMPARED TO THE PREVIOUS YEAR

* PREMIUMS CAME TO CHF 7.82 BILLION. THE DECLINE OF 20% IN LOCAL CURRENCY AND THEASSOCIATED NORMALISATION OF PREMIUMS ARE – AS ANNOUNCED A NUMBER OF TIMES PREVIOUSLY – DUE TO EXTRAORDINARILY HIGH SINGLE PREMIUMS IN THE PRIOR YEAR

* SWISS LIFE ASSET MANAGERS ACQUIRED NET NEW ASSETS OF CHF 13 MILLION IN ITS THIRD-PARTY ASSET MANAGEMENT. THIRD-PARTY ASSETS UNDER MANAGEMENT AMOUNTED TO CHF 79.3 BILLION(YEAR-END 2019: CHF 83.0 BILLION) AS AT THE END OF MARCH

* SWISS LIFE ACHIEVED DIRECT INVESTMENT INCOME OF CHF 1.01 BILLION (PREVIOUS YEAR:CHF 1.07 BILLION)

* SWISS LIFE CONFIRMS THE FINANCIAL TARGETS OF THE “SWISS LIFE 2021” GROUP-WIDE PROGRAMME, EVEN IN THE CURRENT COVID-19 PANDEMIC ENVIRONMENT.

* “THE COVID-19 PANDEMIC WITH THE FINANCIAL MARKET TURMOIL AND REDUCED BUSINESS ACTIVITIES ALSO POSES CHALLENGES FOR SWISS LIFE

* IN THE FIGURES PUBLISHED TODAY FOR THE FIRST QUARTER, HOWEVER, THESE EFFECTS ARE LIMITED. WE HAVE INTRODUCED MEASURES TO KEEP THE EFFECTS WITHIN LIMITS OVER THE REST OF THE YEAR

* “SWISS LIFE’S SOLVENCY IS STRONG AND OURBUSINESS MODEL IS SUSTAINABLE AND RESILIENT. ACCORDINGLY, WE CONFIRM OUR TARGETS FOR THE “SWISS LIFE2021” GROUP-WIDE PROGRAMME

* THE MAIN EFFECTSOF THE COVID-19 PANDEMIC FOR SWISS LIFE ARISE FROM THE TURMOIL ON THE FINANCIAL MARKETS. IN THE 2020FINANCIAL YEAR, THIS IMPACTS FEE BUSINESS AND ALSO INSURANCE BUSINESS THROUGH INVESTMENT INCOME AND THE NET INVESTMENT RESULT

* SWISS LIFE MANAGES THE EFFECTS ON ITS INSURANCE BUSINESS BY MEANSOF ITS CONTINUOUS ASSET LIABILITY PROCESSES, AND THE POSITIVE INTEREST RATE MARGIN REMAINS PROTECTED FOR MORE THAN THREE DECADES, EVEN IN THE CURRENT VOLATILE ENVIRONMENT

* DUE TO THE BALANCEDPORTFOLIO OF MORTALITY AND LONGEVITY RISKS, THE RISKS IN THE SWISS LIFE INSURANCE BOOK ARE ALSO MANAGEABLE. SWISS LIFE’S BUSINESS MODEL IS SUSTAINABLE AND DIVERSIFIED

* THE SWISS LIFE GROUP HAD AN SST RATIO OF 204% AS OF 1 JANUARY 2020. SWISS LIFECURRENTLY ESTIMATES ITS SST RATIO AT ABOUT 180%. THE SOLVENCY RATIO IS THUS IN THE TOPTHIRD OF THE STRATEGIC AMBITION RANGE OF 140 TO 190% Source text for Eikon: Further company coverage: (Reporting by Berlin Speed Desk)

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