Swiss Life posts large drop in profits
ZURICH - Swiss insurer Swiss Life on Tuesday posted a 74.8 percent fall in annual net profits to CHF 345 million (EUR 225 million, USD 305 million) for 2008, following investment losses and write-offs.
The profit announcement was accompanied by confirmation of a deal with German insurer Talanx to lessen the impact of a CHF 159 million drop in the value of its 24.32 percent holding in German financial services group MLP.
Swiss Life is to transfer to Talanx 8.4 percent of MLP from its holding, Talanx obtaining a stake of up to 9.9 percent of Swiss Life in the process.
A statement said the insurer’s capital base was still deemed "solid" after falling 9.3 percent to CHF 6.7 billion.
At its annual general meeting on 7 May, the board will propose a distribution of profit in the form of a repayment amounting to CHF 5 per share.
AFP / Expatica