Swiss Life has generated a premium income of CHF6.61 billion from continuing operations in the first quarter of 2008, down 3% compared to the same period of 2007.
For the quarter, premium income in Switzerland came to CHF4.32 billion, a decrease of 8% compared to the same period of 2007, while premiums outside Switzerland advanced 9% to a total of CHF2.29 billion.
The decline in premium income in Switzerland can primarily be attributed to the partial lowering of premiums, as well as to decisions by some large customers to pursue an autonomous pension fund solution and to bear the risks themselves.
In the slower French market, Swiss Life reported a premium income of CHF1.38 billion, amounting to a growth rate of 3% on a comparable basis. In Germany, premium income was CHF495 million for the quarter, 6% below compared to the corresponding quarter in 2007.