Swiss Life doubles profits in 2010
Switzerland’s largest insurer, Swiss Life, says net profits more than doubled to SFr560 million ($604 million) in 2010.
Reporting full-year results for 2010, the company said turnover grew four per cent to SFr20.2 billion after foreign exchange rates had been taken into account.
The company credited operational improvements, cost cutting measures and a successful investment programme with the results.
“An important factor here, in addition to the improvements at operational level, continuing disciplined cost reduction and an outstanding investment result, is the pleasing increase in new business margins despite historically low interest rates and the euro’s unfavourable exchange rate development,” Swiss Life CEO Bruno Pfister said in a statement.
Turnover grew 1.5 per cent to SFr7.63 billion in Switzerland, the company said, but remained flat at SFr5.3 billion in France and declined four per cent to SFr2.1 billion in Germany due to unfavourable exchange rates with the euro.
Taking into account the effect of foreign exchange, turnover grew nine per cent in France and four per cent in Germany, Swiss Life said.
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