Swiss life confirms 2016 target

Insurer Swiss Life Group reported Wednesday that in the first nine months of 2016, fee income was 974 million Swiss francs, an increase of 2% in local currency from last year.

Group-wide premiums were 13.4 billion francs, down from 14.6 billion francs a year ago. In local currency, this corresponds to a decline of 9%, as the performance of its asset management business improved. Insurance reserves to the benefit of the company's policyholders rose 2%.

In its home market of Switzerland, Swiss Life achieved premiums of 8.2 billion francs, down 6% decrease.
"We saw further growth in our fee business, an area of strategic importance for us, and managed to keep direct investment income at the previous year's level despite persistently tough market conditions," Chief Executive Patrick Frost said in a statement. "We are still on track to achieving our 2016 financial targets."

The group said it expects a net investment yield of 3% for the year, up from 2.3% in the first nine months.