Swiss Life boosts assets under management
Switzerland's largest life insurer, Swiss Life, increased assets under management by 13.2 per cent last year to SFr214.4 billion ($126 billion).
The group, which earlier this month posted a doubling of net profit for 2000 to SFr924 million, released details of its embedded value on Friday. This new benchmark, also being introduced by other insurers, looks at the value of the company's life insurance portfolio.
The embedded value for 2000 was SFr10.58 billion compared to the company's market capitalisation of SFr14 billion.
Swiss Life explained its extraordinary increase in net profit by citing the special book gain of SFr458 million earned from the exchange in shares from Credit Commercial de France to shares in HSBC.
Gross premiums for the year rose 7.2 per cent to SFr19.3 billion while investment results were up 14.4 per cent to SFr6.3 billion.
The Italian insurer, La Fondaria, has a stake of around ten per cent in Swiss Life, while Credit Suisse Group holds 5.5 per cent.
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