Swiss Life: Solid and Reliable Mid-Single-Digit Business Growth Over the First Nine Months of 2024

Swiss Life has reported a solid trading update that indicates mid-single-digit business growth over the first nine months of the year. Premiums, or written gross premiums plus fee income plus deposits, were 4% better at CHF 15.9 billion. These were mainly driven by higher business growth in France where premiums were 12% higher with a 5-percentage-point increase in the share of unit-linked sales. Swiss Life France’s 67% unit-linked share was higher than the 37% share in the French market more broadly. Its private bank helped generate these sales and fee income. Premium income in Switzerland was broadly flat and in Germany the company delivered mid-single-digit premium growth, helped by its IFA business. However, the international business was the detractor over the nine-month period.