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0754 GMT – A major headwind against Swiss Life has been reversing and the insurer should be one of the main beneficiaries of rising interest rates, Berenberg analysts Thomas Bateman and Michael Huttner say in a research note. Low rates have meant that Swiss Life over the past decade has had to add CHF8.9 billion to its reserves for guaranteed rates on pensions and savings products. This has cost shareholders an estimated CHF1 billion but, if rates stay at current levels, the analysts say the majority of that CHF1 billion will be returned via higher cash remittances. “Higher recurring level of fee income and the benefit from higher interest allow Swiss Life to continue supporting very strong returns to shareholders; this includes dividend growth of 10% and an additional CHF500m buyback, to be announced in 2023,” they say. (pierre.bertrand@wsj.com)
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