November 7, 2018 / 7:07 AM / 10 months ago

UPDATE 1-Swiss Life says on track to meet or beat 2018 goals as fee income rises

(Adds details about 2018 programme, details about business in France, Switzerland)

ZURICH, Nov 7 (Reuters) - Swiss Life reported on Wednesday that its fee income in the first nine months of 2018 rose 7 percent, helping keep the country’s biggest life insurer on track to meet or beat goals it has set for the current year.

Fee income was 1.16 billion Swiss francs ($1.16 billion)after the first three quarters, the company said, compared with 1.04 billion francs in the previous year. Nine-month premiums rose 4 percent in local currency to 14.7 billion francs.

In the first nine months, Swiss Life benefited as its life insurance business in France and its group life business in its home Swiss market remained strong.

With its 2018 programme, it aims to boost its fee and commission result to 400-450 million francs, cut costs by 100 million, and manage capital for a payout ratio of 30-50 percent. Chief Executive Patrick Frost said Swiss Life is on pace to potentially top those targets.

“We are confident that we will achieve or exceed all our goals under the Swiss Life 2018 group-wide programme,” Frost said in a statement.

“We maintained our positive development from the first half-year 2018 in the third quarter of 2018.” ($1 = 1.0004 Swiss francs) (Reporting by John Miller)

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