Swiss Life losses hit by accounting error

Link: Caterer pans auditor over accounts errors

The group had originally stated that net losses for the first half of 2002 would be SFr386m (£165m), but in a review of the accounts by PricewaterhouseCoopers, a mistake was spotted which meant that this figure has now been revised to a net loss of SFr578m (£247m).

The results could mean a further setback in the insurer’s attempt to raise SFr1.2bn of capital to help bolster the coffers.

Chief executive Roland Chlapowski said the reporting error was ‘very regrettable’ and that steps were being taken to improve the company’s accounting team ‘qualitatively and quantitatively’.

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