Swiss Life continues positive growth in Q3 2018
In the first nine months of 2018, Swiss Life Group generated fee income totalling CHF1156m (previous year: CHF1035m). Local currency growth of 7% is attributable to higher contributions from our own advisory channels (+10%) and our own and third-party products and services (+6%).
Group-wide premium income increased by 4% in local currency to CHF14.7bn in the first three quarters (previous year: CHF13.8bn). The main drivers for the increase were the life business in France and the corporate customer sector in Switzerland. The technical provisions for the benefit of the insured increased by 2% in local currency.
In Switzerland, Swiss Life generated premium income of CHF7.8bn (previous year: CHF7.6bn), a growth of 3%. In the corporate customer business, growth was 3% and in the private customer segment 1%. In the Fee business, revenues increased by 7% to CHF182m (previous year: CHF170m).
Swiss Life in France generated premium growth of 11% in local currency to CHF4.3bn (previous year: CHF3.7bn). The main reason for the increase was the growth of 17% in the life business, where the proportion of new business unites was 64%. Fee income in local currency increased by 5% to CHF240m (previous year: CHF216m). In Germany, premium income in local currency increased by 2% to CHF986m (previous year: CHF911m). Fee income rose 15% to CHF332m (previous year: CHF272m) thanks to growth in independent advisory channels in local currency.
The international unit posted premium income of CHF 1.6bn (previous year: CHF1.6bn), down 9% in local currency terms. Fee income increased by 7% to CHF184m (previous year: CHF164m).
In its third-party investment business, Swiss Life Asset Managers generated net new money inflows of CHF5.2bn in the first nine months of 2018 (previous year: CHF7.0bn). Third-party assets under management were CHF66.3bn as of 30 September 2018, up 8% from year-end 2017 (CHF61.4bn). Overall, Swiss Life Asset Managers generated fee income of CHF468m in the first three quarters of 2018 (previous year: CHF455m).