fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: Morning Forex Fundamental: CHF  Thu Nov 29, 2012 12:23 pm | |
| Morning Forex Fundamental: CHF “With our new Group-wide programme we are staying on the profitable growth path we have been following for the past few years and adapting in line with the market' - Bruno Pfister, CEO of Swiss Life Group Swiss Life to write down the value of its German advisory Impact: Medium Swiss life, the largest life insurance company of Switzerland, is going to slash the valuation of its German advisory arm by 576 million Swiss francs ($618 million), which the company bought four years ago. The Zurich-based insurer acquired Germany's AWD for 1.2 billion euros in 2008, however, the company has been surrounded by problems during the last years, as several client advisers left, saying AWD has improperly pushed products in Germany and Austria. Despite difficulties, Switzerland's biggest dedicated life insurer expects an operating profit of about 850 million francs for 2012, while net profit is likely to be in double-digit millions, affected by the charge on AWD. “However, based on today's news and in light of the still undemanding valuation, we see further upside potential and reiterate our buy recommendation on Swiss Life,' Sarasin analyst Martin Schwab said. “With our new Group-wide programme we are staying on the profitable growth path we have been following for the past few years and adapting in line with the market,' said Bruno Pfister, CEO  | |
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