20th May 2020
Olivier Aeschlimann, Senior Financial Analyst
Swiss Life generated fee income of CHF 453 million during the first quarter of 2020, an increase of 11% in local currency compared to the previous year. However, premiums came to CHF 7.82 billion, a decline of 20% in local currency. This is due to extraordinary high premiums in the prior year following the withdrawal of a competitor (Axa) from the full insurance business in Switzerland. Taking this extraordinary effect into account, premiums in the first quarter were 4% higher year on year. In recent years, Swiss Life has invested in customer advisory services, including digital platforms. This enables the company to support its customers even in this challenging time. The main effects of the Covid-19 pandemic for Swiss Life arise from the turmoil on the financial markets. The insurance business is managed by means of continuous asset liability processes, and the positive interest rate margin remains protected, even in the current volatile environment. The Swiss Life’s business model is sustainable and diversified. As a result, the company has confirmed its 2021 targets.