Swiss Life takes 576 mln Sfr charge to drop AWD brand

ZURICH Wed Nov 28, 2012 1:04am EST

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ZURICH Nov 28 (Reuters) - Swiss Life said on Wednesday it will slash by 576 million Swiss francs ($618.39 million) the valuation of the German advisory arm it bought just four years ago, and drop the name AWD as it draws a line under the troubled brand.

The Swiss insurer said it expects operating profit to be around 850 million francs for 2012, but that the charge on AWD would reduce net profit to the double digit millions for the year.

($1 = 0.9315 Swiss francs) (Reporting by Martin de Sa'Pinto)

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