Swiss Life's investment management units posted profits of Sfr60m (€38.7m) in the first six months of the year, down 50% on the first half of 2002, despite the sale of some asset management businesses.

In May, Swiss Life sold Scweizerische Treuhandgesellschaft (STG), an asset management subsidiary, to LGT Group, the financial services company owned by the Princely Family of Liechtenstein. Swiss Life booked a loss of Sfr105m on the Sfr197m sale, which was part of Swiss Life's cost savings programme.