ZURICH, May 13 (Reuters) - Swiss Life, Switzerland’s biggest dedicated life insurer, said on Tuesday premium income fell by 1 percent in the first three months of 2014, with its division managing wealthy people’s money declining by more than 40 percent.
The Zurich-based insurer posted income from premiums of 6.9 billion Swiss francs ($7.8 billion) in the first quarter of the year, down from 7 billion francs in the same period last year. Swiss Life’s international business with high net worth clients saw premium income fall by 41 percent to 404 million francs.
The group’s solvency ratio - a measure of an insurer’s ability to meet future claims - strengthened to by 16 percentage points from its year-end level to 226 percent.
$1 = 0.8878 Swiss Francs Reporting by Joshua Franklin