ZURICH, Nov 25 (Reuters) - Swiss Life will launch a new 1 billion Swiss francs ($1.07 billion) buyback and raise its dividend payout ratio to more than 60%, the company said on Thursday, as it announced higher profit targets for its investor day.

The company wants to increase its annual fee result to 850 to 900 million Swiss francs by 2024, it said, up from the current goal of 600 to 650 million francs.

Swiss Life said it also wants to increase the cumulative cash remittance to the holding company to 2.8 to 3.0 billion from 2022 to 2024. It would do this through higher revenues from asset management, from unit-linked products and the independent financial advisory organisations it owns.

The new buyback will run from Dec. 2021 to May 2023, the life insurance company said. It also aims to raise its dividend payout ratio from 50% to 60% of net income under the previous Swiss Life 2021 programme.

"Swiss Life has successfully completed three consecutive Group-wide programmes since 2009. And we will also achieve or exceed our targets with the current ‘Swiss Life 2021’ programme," said Chief Executive Patrick Frost.

"Over the next three years, we will resolutely continue on our path and focus on deepening customer relationships, expanding our advisory organisations, operational scalability and anchoring our sustainability strategy. We will thus seize opportunities to grow profitably and substantially increase our financial targets." ($1 = 0.9334 Swiss francs) (Reporting by John Revill Editing by Riham Alkousaa and Kim Coghill)