ZURICH Feb 27 Swiss Life 2012 net profit
tumbled 85 percent to 93 million Swiss francs ($99.8 million) as
a hefty but expected fourth quarter writedown on its German
advisory arm took some of the shine off strong investment
The life insurer said in November it was writing down 576
million Swiss francs on the German unit, AWD, after buying it
for 1.2 billion euros in 2008. Last year it took a 47 million
franc provision for legal bills involving AWD.
The company posted a 26 percent increase in profit from
operations which rose to 993 million, partly thanks to a net
investment return of 4.8 percent, a percentage point ahead of a
Switzerland's biggest dedicated life insurer said its
solvency ratio -- a measure of its ability to meet future claims
-- rose to 242 percent from 213 percent a year earlier.
($1 = 0.9315 Swiss francs)
(Reporting by Martin de Sa'Pinto)