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2001 Interim Results


Despite a difficult environment, Swiss Life/Rentenanstalt was able to expand its business volume in the first half of 2001 and also reach important operations targets. As expected, net semi-annual profit at CHF 253 million was below the corresponding previous year's figure. At CHF 11.1 billion, gross written premiums amounted to about 58% of previous year's total figure. Operating expenses declined.
The 2001 interim results are based on IAS for the first time, so that there is no comparability with the 2000 interim results calculated according to ARR.
At its meeting on September 14, 2001, Swiss Life/Rentenanstalt's Board of Directors approved the 2001 interim results. Semi-annual profit amounted to CHF 253 million (CHF 418 million before tax and minority interests). As expected, this is below the previous year's figure, which amounted to CHF 372 million according to the former accounting standards (ARR). At CHF 11.1 billion, gross written premiums reached about 58% of previous year's total figure. Assets under management increased to CHF 217.4 billion (CHF 214.4 billion at the end of 2000). The financial result at the end of June 2001 amounted to CHF 3.1 billion, equalling 30% of previous year's total figure. Direct income developed as expected, whereas net realised and unrealised gains were well below expectations due to the unfavourable stock market trend that only allowed for a limited amount of profits compared to the previous year.
The technical result continues to be favourable. Operating expenses after six months equalled only about 45% of the entire previous year's period. This was reflected by a substantial improvement of the cost rate in life insurance business from 12.5% to 9.6% and a reduction of the combined ratio in non-life insurance business to 103.8% (110.8%).
The Corporate Executive Board will explain the results in detail at an Analystmeeting and press conference on September 26, 2001 .