Swiss Life posts rise in net profit on strong home market

ZURICH Wed Aug 13, 2014 1:19am EDT

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ZURICH Aug 13 (Reuters) - Switzerland's largest dedicated life insurer beat expectations with a slight rise in first-half net income, buoyed by a strong performance in its home market, and said it is buying a real estate service provider in Germany.

The Zurich-based insurer reported a net profit of 487 million Swiss francs (536.46 million US dollar), compared to a forecast for a fall to 454 million, according to the average of eight estimates in a Reuters poll of banks and brokerages.

Swiss Life said it is expanding its real estate asset management operations with the acquisition of German-based Corpus Sireo for 210 million euros (280.62 million US dollar).

Premium volume in local currency rose 5 percent to 10.8 billion francs in the first six months of the year, the life insurer said. (1 US dollar = 0.9078 Swiss franc) (1 US dollar = 0.7483 euro) (Reporting by Alice Baghdjian)

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