The Swiss Life Group recorded premium income of CHF 12.8 billion (+1% in local currency) on 30 September 2012 and grew in strategically important business areas, the company said Monday. The Group achieved an excellent net investment return of 3.8% (not annualised) in the first nine months of the year.
According to Bruno Pfister, Group CEO, “We are satisfied with our business development in the third quarter of 2012. We again expanded our market position in strategically important business areas such as occupational pensions business in Switzerland and health, death and disability insurance in France.”
In the first nine months of 2012 the Swiss Life Group generated CHF 12.8 billion in premium income, which corresponds to a 1% growth in local currency. In the home market of Switzerland, premiums rose over the same period last year (adjusted) by 2% to CHF 6.9 billion, primarily due to higher periodic premiums in occupational pensions business.
In France, premium income fell in local currency by 2% to CHF 3.1 billion: Health, death and disability insurance performed well and, although life insurance business declined, it still significantly outperformed the French market as a whole. In Germany Swiss Life experienced a 4% fall in premium income in local currency terms to CHF 1.1 billion. This is largely attributable to a cautious bonus policy in single premium business, the company said.
Premiums in the Insurance International segment grew by 3% in local currency terms over the first nine months of the year to CHF 1.7 billion.
Despite an ongoing extremely challenging market environment, AWD achieved sales revenue of EUR 340.2 million in the first three quarters of 2012 (-13%; Q1-Q3 2011: EUR 392.0 million).
The net investment result for the insurance portfolio developed very positively despite the persistently low interest rate environment and volatile market conditions. Between January and September 2012 the Group posted a non-annualised net investment return of 3.8% (Q1-Q3 2011: 2.7%).
The Group solvency ratio was 238% on 30 September 2012 (224% on 30 June 2012).
Donate to Eurasia Review
If you enjoy reading Eurasia Review please donate today to ensure that we are able to provide our services. We thank you in advance.