Swiss Life's CEO to leave company next year

Reuters

ZURICH (Reuters) - Swiss Life (VTX:SLHN) Chief Executive Officer Bruno Pfister is to step down on July 1 next year and will be replaced by current investment chief Patrick Frost, the insurer said on Tuesday.

The company gave no reason for Pfister's departure.

"As our (company) course is set, this is a good point for me to begin a new chapter in my career," Pfister, who has been CEO since 2008, said in a statement.

Frost has been head of investment management at the Zurich-based life insurer since 2006 and previously worked for insurer Winterthur.

Swiss Life's premium income rose 6 percent in local currencies to 13.7 billion Swiss francs ($14.9 billion) in the first nine months of 2013, the company said separately.

Switzerland's biggest dedicated life insurer added its solvency ratio - a measure of an insurer's ability to meet future claims - was 207 percent at the end of September, compared with 205 percent at the end of June.

The life insurer said it was halfway through implementing its cost-reduction measures by the end of the third quarter.

"Swiss Life is well on track and has been able to maintain its first half year's solid business performance in the third quarter of 2013," Pfister said in a statement.

(Reporting by Alice Baghdjian; Editing by Mark Potter)

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