Swiss Life extends profit but cuts jobs
Switzerland's largest life insurer has beaten expectations with a 13 per cent rise in first-half net profit to SFr172 million ($162 million).
But Swiss Life said on Wednesday that it would cut 520 jobs in Switzerland by 2012 and save up to SFr400 million.
Gross written premiums fell to SFr10.39 billion from SFr10.89 billion a year earlier. An average analyst forecast by Reuters predicted profit of SFr144 million.
“With the measures to boost competitiveness announced today, we are creating the conditions to grow profitably under our existing strategy,” said CEO Bruno Pfister.
Swiss Life shares have climbed around 70 per cent so far this year, regaining most of the ground they lost in 2008.
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