Swiss Life AM increases fee income
Swiss Life Asset Managers generated fee income of CHF 190 million in the first quarter of 2020, which is CHF 11% more than in the previous year.
As Swiss Life announced when publishing its results for the first quarter of 2020, Swiss Life Asset Managers recorded net new money inflows of CHF 13 million in business with third-party clients in the first three months of the year - compared with CHF 4.6 billion in the previous year.
Adjusted for money market funds, net new money inflows would have amounted to 1.1 billion (previous year: 2.8 billion). Assets under management for third-party clients amounted to 79.3 billion at the end of March 2020. This compares to 83.0 billion at the end of 2019.
The impact of the Covid-19 pandemic is still manageable in the business figures for the first quarter, says Patrick Frost, Group CEO of Swiss Life. "We have introduced measures to ensure that the effects remain manageable for the rest of the year."
The biggest effects of the coronavirus pandemic for Swiss Life were felt through the impact on the financial markets. In the 2020 financial year, this affected the fee business and also the insurance business via investment income and the net investment result. However, Swiss Life's business model is sustainable and broadly based, and the financial targets from the "Swiss Life 2021" corporate program are being adhered to accordingly. (ah)
