Swiss Life: UBS still a buyer after Q1 results
(CercleFinance.com) - UBS confirms its buy rating on the stock with a target price of 577 Swiss francs after it announced its Q1 2023 results.
UBS believes that these results are mixed for Swiss Life with pressure on commission income.
Commission income was under pressure, due to lower transactions in the real estate market. Premium growth was driven by the integration of the elipsLife acquisition, it said.
The Group generated premiums of 7.5 billion Swiss francs in Q1 (previous year: 6.9 billion Swiss francs), up 11% in local currency.
It generated total fee income of 595 million Swiss francs (previous year: 579 million Swiss francs).
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
UBS believes that these results are mixed for Swiss Life with pressure on commission income.
Commission income was under pressure, due to lower transactions in the real estate market. Premium growth was driven by the integration of the elipsLife acquisition, it said.
The Group generated premiums of 7.5 billion Swiss francs in Q1 (previous year: 6.9 billion Swiss francs), up 11% in local currency.
It generated total fee income of 595 million Swiss francs (previous year: 579 million Swiss francs).
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.