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Aug 26, 2009, 10:27 GMT

Swiss Life first half profits slump, job cuts announced

Geneva - Swiss Life Holding AG announced Wednesday its profits in the first half reached 139 million Swiss francs (131 million dollars), down 92 per cent compared to the same period in 2008, and said it was to cut 520 jobs. However, the first half of 2008 benefited from a one-off 1.5 billion Swiss francs in extraordinary gains from the sale of the Dutch and Belgian insurance operations and of Banca del Gottardo. Bruno Pfister, the chief executive officer of the group, called the result for the first part of 2009 'satisfactory.' Profits from continuing operation equaled 172 million francs. Swiss Life was also able to benefit from some recovering markets and said its net investments earned results 1.8 per cent better than last year. Shareholders' equity came to 6.75 billion at the end of June 2009, the group's statement reported. The jobs cuts, to mostly affect the company's home-base in Switzerland, come atop cost saving measures announced late last year. Swiss Life said it aims to reach 'profitable growth' as a result of the programme. The first half results slightly beat analysts' expectations and the cost cutting measures were welcomed by investors looking for better efficiency and returns.

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