The Swiss Life Group has revealed an accounting error that understated its investment losses. The...
The Swiss Life Group has revealed an accounting error that understated its investment losses.
The group reported its biggest ever loss last month of £165m, but this was understated by £82m. Swiss Life has now restated its results, posting a half-year loss of £247m after tax.
Swiss Life, in common with other insurers, has suffered from the recent fall in equity markets, as well as a loss-making business in Switzerland due to statutory guaranteed returns on pensions. Following a strategic review by its parent company, Swiss Life (UK) has been put up for sale.
According to Liz Romnes, corporate communications manager at Swiss Life (UK), the accounting error in Switzerland is not affecting the UK business and there are no buyers on the horizon. She said: 'There is no news at present. This will be a fairly long process and we have not been informed of any particular suitors at the moment.'
