Swiss Life Group, a provider of pension and life insurance products, has reported a 21% growth in its net profit for the first half of 2007, compared to the prior-year figure of CHF635 million. The company's gross written premiums of CHF14 billion represent a growth rate of 10%.
The group’s value in terms of embedded value grew by 17% in the period under review to CHF12.5 billion. The value of new business climbed 6%, contributing CHF83 million to the increase.
Swiss Life’s profit from operations rose 34% over the same period last year to CHF884 million. The result of the banking segment came to CHF164 million and the investment management segment realized a result of CHF35 million.
Rolf Dorig, group CEO, said: We have consistently improved our results in recent years and strengthened our market position. We expect to achieve the profit target set for 2008 of CHF1 billion already in 2007, barring any unforeseen events. Consequently, we will communicate new strategic and financial targets in December 2007.