ZURICH (dpa-AFX) - Insurer Swiss Life Group (SZLMY.PK, SLHN.VX) reported Thursday that its first-quarter premiums climbed 42 percent to 9.94 billion Swiss francs from last year's 6.99 billion francs. Premiums grew 44% in local currency.
Swiss Life Group generated fee income of 429 million francs, up 9 percent from 395 million francs last year. Fee income grew 11 percent in local currency.
In its home market of Switzerland, Swiss Life achieved premiums of 7.77 billion francs, an year-over-year growth of 69%. The company attributed the increase to group life business and the extraordinarily great demand for full insurance solutions due to a competitor's withdrawal from the full insurance business last year.
In France, premiums dropped 4 percent from last year to 1.38 billion francs. In Germany, premiums dropped 1 percent and international premiums declined 28 percent.
Swiss Life Asset Managers acquired net new assets of 4.6 billion francs in its third-party asset management.
Assets under management for third parties rose to 77.2 billion francs as at the end of March 2019 from 71.2 billion francs at year-end 2018.
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