Swiss Life narrows 2024 fee income guidance
Corrects headline to fee result from fee income
May 22 (Reuters) -Switzerland's largest life insurer, Swiss Life SLHN.S, confirmed it aimed to reach the lower end of its outlook range for 2024 for its fee result, as it remains reliant on the expected normalisation of the real estate markets in Germany and France.
It expects to reach the lower end of its target range of 850 million to 900 million Swiss francs ($933 million to $987 million).
The firm's fee result reached 639 million francs in the first quarter of 2024, up 11% in local currency from a year earlier, mainly due to the advisory business, the company said.
Swiss Life suffered losses from the subdued real estate market environment over 2023 with its asset managers business posting a 17% decline in earnings in the past year.
($1=0.9115 Swiss francs)
Reporting by Eva Orsolya Papp and Tristan Veyet in Gdansk; Editing by Clarence Fernandez
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