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BULLETIN: Swiss Life Ratings Unaffected by Half-Year 2003 Results Sep 03
Standard & Poors, Sep 2003
Abstract
LONDON (Standard & Poor's) Sept. 11, 2003--Standard & Poor's Ratings Services said today that its ratings and outlook on Switzerland-based life insurer Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG (A-/Negative/--) are unaffected by the group's strategic update and half-year results, published yesterday. Swiss Life's announcement that it has returned to profitability and strengthened its balance sheet is in line with Standard & Poor's expectations. Pretax profits reached Swiss franc (SFr) 162 million ($116.9 million), compared with a loss of SFr460 million in the first half of 2002. The Swiss government's announcement that it has lowered the guaranteed rate on group life products to 2.25% will have a positive effect on future earnings. Swiss Life is delivering on its restructuring plan, and...
Companies mentioned in this report are: Swiss Life AG
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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