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Provider: Reuters Investment Profile
Provider: Thomson Reuters StreetEvents
Provider: Thomson Reuters StreetEvents
Provider: MarketLine (a Datamonitor Company)

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Swiss Life Holding AG Acquires AWD; Issues FY 2012 Operating Profit in Line with Analysts' Estimates; Issues FY 2012 Net Profit Guidance Below Analysts' Estimates; Proposes FY 2012 Dividend

Wednesday, 28 Nov 2012 01:01am EST 

Swiss Life Holding AG announced that it has acquired AWD, a complementary financial distribution company, and will manage its business under the brand "Swiss Life Asset Managers". A reduction of 300 jobs is envisaged in Germany. About 90 jobs will be lost in Switzerland. Swiss Life Select will target the German, Swiss, Austrian, Polish and Czech markets. It will exit from the markets of Slovakia and Hungary at the end of the fiscal year 2012. The current AWD companies in the United Kingdom, Austria, the Czech Republic and Poland will come under the umbrella of the International market unit, which also includes business with high net worth individuals and multinational companies. Further financial details were not included. The Company also anticipates for the fiscal year 2012 an operating profit before special charges of over CHF 850 million and reduced net profit in the double-digit millions due to the adjustment. In the fiscal year 2011 the Company reported a net income of CHF 560 million. According to I/B/E/S estimates, analysts on average are expecting the Company to report for the fiscal year 2012 EBIT of CHF 889.56 million and a net income of CHF 571.07 million. At the Annual General Meeting, the Board of Directors will propose the distribution of an unchanged dividend of CHF 4.50 per share for fiscal year 2012. For the fiscal year 2011 the Company issued a dividend of CHF 4.50 per share. 

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