ZURICH (Reuters) – Swiss Life reported a 13% decline in 2020 net profit on Tuesday after taking a 70 million franc provision to resolve charges over prior business with U.S. clients.
Net profit fell to 1.051 billion Swiss francs ($1.15 billion) as the insurer chalked the 154 million franc profit decline up to an expected resolution with the U.S. Department of Justice, lower investment income and a one-off tax gain that boosted 2019 results.
It said it would propose an increased dividend of 21 Swiss francs for the year, up from 20 francs previously.
($1 = 0.9158 Swiss francs)
Reporting by Brenna Hughes Neghaiwi, editing by Silke Koltrowitz