Swiss Life had fee income of 1 billion Swiss francs in the first nine months of 2017, up 7 percent from a year ago, the company said in a statement today (in German). Premiums added 3 percent to 13.8 billion francs.

Patrick Frost, CEO of Swiss Life, is confident to reach the financial targets in the full year.

Drop in Swiss Premium Income

Swiss Life had premium income of 7.6 billion francs in Switzerland, it’s most important market. The was 7 percent less than a year ago. Reasons for the decline are the development of its corporate clients’ business and the focus on the efficient use of capital.

The financial service provider decided put its main focus on profitable growth.

Expansion of Wealth Management

Swiss Life expanded its wealth management business and attracted net new money of 7 billion francs in its operations with third-party clients. The total amount of assets under management for third parties increased to 60.8 billion francs.

The company generated income of 3.2 billion francs by investing its own assets, slightly below the 3.3 billion a year ago. The non-annualized yield was 2.2 percent.

Swiss Life bought the remaining amount of a convertible bond back. A nominal 100 million francs of the 500 million bond had been converted into shares.