Swiss Life, the Swiss insurer, has raised Sfr856m (€582m) from its rights issue, and will also benefit from the Swiss life insurance industry being taken off negative watch to a stable rating by Moody's, the ratings agency.

The fully underwritten deal was led by Credit Suisse First Boston. The bank had the option to pull the deal if the troubled insurer lost its single-A credit rating, according to a clause in the underwriting terms of the rights issue prospectus.