Swiss Life: stock falls on unsurprising results
(CercleFinance.com) - On Tuesday, Swiss Life reported annual results that are in line with the consensus and confirmed its targets for FY 2021.
By mid-morning, the Swiss leader in life assurance's share price had fallen by around 0.7%, underperforming a Swiss market which is up around 0.4%.
In a statement published in the morning, Swiss Life reported operating profit 1,572 million Swiss francs for the past year, down 5% y-o-y.
Net profit fell by 13% to 1,051 million Swiss francs: the Zurich based group attributes this decline to two exceptional items that are unrelated to the pandemic.
Swiss Life explains that a provision of 70 million Swiss francs had to be set aside last year, due to discussions with the US Department of Justice (DoJ) on the settlement of a dispute concerning a former US client portfolio.
In its statement, the Group says that it will propose a 1 Swiss franc increase in its dividend from 20 Swiss francs to 21 Swiss francs per share at its AGM.
Swiss Life also reports that it is well on track with its "Swiss Life 2021" program and confirms its financial targets.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
By mid-morning, the Swiss leader in life assurance's share price had fallen by around 0.7%, underperforming a Swiss market which is up around 0.4%.
In a statement published in the morning, Swiss Life reported operating profit 1,572 million Swiss francs for the past year, down 5% y-o-y.
Net profit fell by 13% to 1,051 million Swiss francs: the Zurich based group attributes this decline to two exceptional items that are unrelated to the pandemic.
Swiss Life explains that a provision of 70 million Swiss francs had to be set aside last year, due to discussions with the US Department of Justice (DoJ) on the settlement of a dispute concerning a former US client portfolio.
In its statement, the Group says that it will propose a 1 Swiss franc increase in its dividend from 20 Swiss francs to 21 Swiss francs per share at its AGM.
Swiss Life also reports that it is well on track with its "Swiss Life 2021" program and confirms its financial targets.
Copyright (c) 2021 CercleFinance.com. All rights reserved.