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July 19, 2024
PI Global Investments
Real Estate

Tepid real estate markets dent Swiss Life’s annual fee result — TradingView News

Swiss Life SLHN said on Thursday that lacklustre real estate markets in France and Germany caused the insurer and asset manager to post a lower fee result in 2023.

The firm posted a fee result of 664 million Swiss francs ($754.89 million) in 2023, about 100 million francs below its 2022 levels and lower than a consensus cited by Vontobel and UBS.

High interest rates and building costs have caused a slowdown in property markets across Europe, with German commercial real estate struggling in particular.

Swiss Life, which co-owns the Deutsche Boerse DB1 office building near Frankfurt, said it expects to achieve a fee result next year at the lower-end of its target range of 850 million to 900 million francs.

“Achieving the fee result target will be more challenging,” outgoing CEO Patrick Frost said, adding that the company’s outlook was dependent on a normalisation of real estate markets in France and Germany.

($1 = 0.8797 Swiss francs)

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