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Insurer Swiss Life Holding said Wednesday it expects a loss for the full year 2008, excluding one-off gains from the sale of some units, due to the financial crisis.
Switzerland's biggest life insurance company had predicted a full-year profit of at least 1.8 billion francs ($1.52 billion) in August.
The company blamed the worsening of the global financial crisis since September, which has hit investments Swiss Life made in hedge funds, stocks and companies that have since filed for bankruptcy.
Zurich-based Swiss Life said it will stop its share-buyback program and freeze a proposed shareholder dividend payout of 600 million Swiss francs ($508 million).
Swiss Life also said its subsidiary AWD, a financial services provider, will cut about 400 jobs in Britain and sell its remortgaging business there.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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