Swiss Life posts healthy first-quarter returns

Swiss Life has recorded strong revenue growth in the first three months of 2010 thanks to rich private clients.

This content was published on May 4, 2010 - 10:59

The Zurich-based insurance group posted a 23 per cent leap in premiums to SFr7.87 billion ($7.24 billion) for the first quarter compared with the same period last year.

“We are very pleased,” CEO Bruno Pfister said. “Premium growth in almost all markets gives us confidence for the next months.”

Switzerland’s largest insurer reported an overall net profit for 2009 of SFr277 million ($262 million). That was down around 20 per cent on 2008 when the results were boosted by disposal gains.

While first-quarter premiums in France and Germany increased 18 per cent and nine per cent, respectively, premiums in Switzerland shrunk by four per cent to SFr4.2 billion.

Shares of Swiss Life opened 2.2 per cent higher on the Swiss exchange on Tuesday to trade at SFr135.50.

The group will hold its annual general meeting in Zurich on May 6. and agencies

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