S&P: Swiss Life unaffected

Standard & Poor's said the significantly improved 2004 year-end results published by Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt AG (A-/negative/--) were mostly in line with, or above, expectations, but would have no immediate impact on the ratings or outlook on the company.

S&P said results support Swiss Life's improving track record. Net income increased to Swiss franc 624 million, having posted SFr233 million in 2003.

Operating results were boosted to SFr1.25 billion from SFr557 million in the previous year, partly benefiting from an improved capital market environment, S&P said.

In particular, S&P said the performance in Swiss Life's domestic business remains unsatisfactory, which is one of the main factors underlying the existing negative outlook.

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