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March 19, 2013updated 13 Apr 2017 8:40am

Swiss Life posts 26% increase in profit from operations to CHF 993 million with net profit after one-off effects of CHF 93 million.

In the 2012 financial year, Swiss Life increased its profit from operations adjusted for one-off effects by 26% from CHF 788 million to CHF 993 million, thanks to further operational improvements and an excellent investment result. One-off effects, in particular as a result of the impairment in the value of AWD’s intangible assets of CHF 578 million, led to reported net profit of CHF 93 million (2011: CHF 606 million).

By Verdict Staff

Important contributors to this positive development in the results were the market units in Switzerland, Germany, France and Investment Management. Results in AWD and Swiss Life International were lower than expected.

With CHF 17.0 billion, Swiss Life maintained premium income at its prior-year level and improved its new business margin from 1.2% to 1.4% despite the challenging market conditions. In 2012 the Group generated a return on equity of 0.9%. Adjusted for one-off effects and unrealised gains and losses on fixed-interest investments in equity, return on equity stood at 8.6%. With investment performance of 8.5% (2011: 7.5%), an investment result of CHF 5.7 billion and net investment return of 4.8% (2011: 3.8%) were achieved, which enabled substantial strengthening of the technical reserves.

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