Insurer Swiss Life net profits jump nearly 50%
Insurer and pensions specialist Swiss Life on Wednesday said its first half net profit jumped 49.8 percent to 403 million francs ($510 million), on the back of a one time tax revenue of 89 million francs.
During the same period, operating profits rose 8.9 percent to 452 million francs, the company said, primarily due to operational improvements.
"A major driver for this improvement was further progress in our margin management, the management of our balance sheet on the expense side and also resilient investment income," Swiss Life CEO Bruno Pfister told reporters.
Premium and policy fees, however, fell 1.1 percent to 10.418 billion francs, dragged by declining volumes in France, Germany, it said.
"Overall, I think it is fair to say that Swiss Life performed strongly during the first six months of 2011 ... despite challenging conditions in the capital market," Pfister said, adding it reflected the group's strategy of "putting profits before growth."
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