Swiss Life expects 2008 loss
Switzerland’s biggest life insurance company predicts it will not reach its profit goal for the year because of the financial crisis.12 November 2008
ZURICH - Insurer Swiss Life Holding said Wednesday it expects a loss for the full year 2008, excluding one-off gains from the sale of some units, due to the financial crisis.
Switzerland's biggest life insurance company had predicted a full-year profit of at least CHF 1.8 billion in August.
The company blamed the worsening of the global financial crisis since September, which has hit investments Swiss Life made in hedge funds, stocks and companies that have since filed for bankruptcy.
Zurich-based Swiss Life said it will stop its share-buyback programme and freeze a proposed shareholder dividend payout of CHF 600 million.
Swiss Life also said its subsidiary AWD, a financial services provider, will cut about 400 jobs in Britain and sell its remortgaging business there.
[AP / Expatica]