The ratings on Switzerland-based life insurer Swiss Life AG (Swiss Life) reflect what Standard & Poor's Ratings Services sees as the group's strong competitive position in Switzerland, which is complemented by a strong niche position in France. They also reflect the group's strong capitalization. We consider these strengths to be offset by ongoing strategic challenges to improve new business profitability and execution risks associated with the integration of financial advisor AWD Holding AG (not rated), which was acquired by Swiss Life in 2008. Furthermore, we note that the group has yet to complete a comprehensive efficiency and cost-savings program. In addition, we consider the group's still subdued operating performance and the high dependence of its earnings and financial profile on...
Companies mentioned in this report are:
- Swiss Life AG
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