Swiss Life reports net income of CHF 1.11 billion and adjusted operating income of CHF 1.5 billion for 2023, up 8% and 1% respectively, but with fee and commission income down 13% to CHF 664 million.

Explaining that the latter was weighed down by a sluggish real estate market environment, CEO Patrick Frost nevertheless says he is on track to meet or exceed all targets under his 'Swiss Life 2024' program.

At the AGM on May 15, the life insurer's Board of Directors will propose a dividend increase of 10% to CHF 33 per share for 2023, corresponding to a payout ratio of 86%, to be distributed on May 22.

Swiss Life also reports that, while Markus Leibundgut is recovering well from cancer, he has decided to step down, and that its Board has therefore appointed Roman Stein as permanent CEO of Swiss Life Switzerland with immediate effect.

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