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Pensions and finance group Swiss Life is taking the path it has chosen and expanding its wage business even further.
In the first quarter of 2023 alone, wage revenues rose 3 percent to 595 million Swiss Francs, the local currency increase would be 7 percent. This was slightly below analysts’ expectations. In the wage business, the Swiss Division generated revenue of 78 million francs (previous year: 83 million francs).
growth in all areas
During the same period, the group’s premium revenues increased by 10 percent (local currency: 11 percent) to CHF 7.53 billion. These were clearly above expectations. Swiss Life generated a premium income of CHF 4.4 billion, corresponding to 2 percent growth in its main market, Switzerland.
Assets managed in the semi-autonomous business increased to CHF 6.8 billion at the end of March 2023 (end of 2022: CHF 6.2 billion); this business is largely excluded from premium income.
The international market unit reached €1.1 billion (PY: €262 million) with a strong increase in premium revenue, and revenue from the wage business increased by 19% to €100 million. Both are due specifically to the integration of EllipsLife.
“Swiss Life has had a good start to fiscal 2023,” sums up Swiss Life Group CEO Patrick Frost. (SDA/rae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
