November 29, 2018 / 6:52 AM / 6 months ago

UPDATE 1-Swiss Life targets higher payout ratio, announces 1 bln Sfr share buyback

(Adds detail, background)

ZURICH, Nov 29 (Reuters) - Swiss Life Holding AG said on Thursday it wanted to increase its dividend payout ratio to 50-60 percent in the next three years and announced a share buyback programme of 1 billion Swiss francs ($1.01 billion) over the next 13 months.

The Swiss life insurer also wants to strengthen the quality of earnings and earnings growth and increase operational efficiency, confirming its goal of an adjusted return on equity of 8 to 10 percent, it said in a statement ahead of its investor day.

“We can commence ‘Swiss Life 2021’ from a position of strength. Thanks to great employee engagement we are very well placed to reach or exceed all of the targets of the current programme,” Chief Executive Patrick Frost said in the statement.

The group had targeted a payout ratio of 30-50 percent for the 2016 to 2018 period.

Swiss Life also said it wanted to increase its fee result to 600-650 million Swiss francs, its risk result to 400-450 million, and the cumulative value of new business to over 1.2 billion francs by 2021.

$1 = 0.9918 Swiss francs Reporting by Silke Koltrowitz, editing by Tassilo Hummel and Subhranshu Sahu

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