Zurich - Swiss Life Group reported Tuesday a first quarter premium income of 6.4 billion Swiss francs (5.64 billion dollars), which it said was a 1 per cent drop on last year with currency fluctuations taken into consideration. The Group also announced that Thomas Muller, its Chief Financial and Risk Officer, was leaving Swiss Life at the end of June citing "personal reasons." Bruno Pfister, the Chief Executive Officer would assume the position's responsibility until a replacement was found.
Swiss Life defined the first quarter as a "good start" to 2009.
It said it had good premium growth in Switzerland and Germany, but not enough to offset positions in France, which yielded 15 per cent less premium income. The French decline was said to be due to strong competition offering higher guarantees.
"The uncertainty surrounding the financial market crisis meant that target clients continued to focus on liquidity," Swiss Life said, negatively impacting the group's business.
Meanwhile, the German AWD investment group Swiss Life took over last year, experienced a sales revenues decline of 21 per cent to 130 million euros (173.32 million dollars). In all, AWD posted a 6- million-euro loss.
Swiss Life will hold its shareholder meeting on Thursday.
