2000 was an extraordinary year for Swiss Life/Rentenanstalt. Consolidated annual profit after taxes and minority interests increased from CHF 447 million to CHF 924 million (+106.7 %), a result that is well above expectations. The financial statements were based on IAS (International Accounting Standards) for the first time. Previous year's figures were adjusted to this standard for better comparability.
The Group's excellent result is not the outcome of the newly applied accounting principles. The parent company's result, which was drawn up, as in the previous year, according to Swiss Company Law, also increased similarly. Excellent investment performance and positive technical results are reflected by the rise in profits.
Direct income increased almost parallel to the development of investments. Thus, direct return remained stable on previous year's level despite a difficult environment. Net realised and unrealised gains from investments rose from CHF 1.5 to 4.1 billion. This was primarily the result of an exchange of Crédit Commercial de France (CCF) shares into stock of HSBC. Furthermore, substantial earnings were realised during a time that can now be considered more than favourable. Overall financial revenues rose markedly by 49% to CHF 10.42 billion.
The technical result was above previous year's figure and also very gratifying. Gross premiums and deposits from policyholder investment contracts of CHF 4.66 billion increased 7.2% to about CHF 19.3 billion. The share of foreign business compared to total premiums rose to 51%, surpassing the share of domestic business for the first time ever. Accordingly, another one of the company's declared strategic goals has been reached.
The Board of Directors will propose to the general meeting the payment of a regular gross dividend of CHF 13.00 - a CHF 2.00 increase compared to the previous year - and an extraordinary gross dividend of CHF 5.00 per dividend bearing share.
On the occasion of its press conference on April 27, 2001 , the Swiss Life/Rentenanstalt Group will announce the embedded value for the years 1999 and 2000 for the first time.