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Winterthur future in doubt over Credit Suisse review

Winterthur&#39s UK operations could be under threat after its parent Credit Suisse group instigated a review of its worldwide businesses after posting losses of £1.5bn last year.

Announcing its results last week, Credit Suisse group chief executive Oswald Grubel said: “We are pursuing initiatives to reduce costs and withdraw from markets and businesses with unsatisfactory results to position us for a return to profitability in 2003.”

This has thrown doubt on the future of UK-based Winterthur Life which focuses on niche pensions such as selfinvested personal pensions and income drawdown. Credit Suisse has until recently promoted itself heavily in this country but says it is unable to release Winterthur&#39s figures until March 16.

Credit Suisse owns life companies in Switzerland, Spain, Belgium, Germany and Italy.

Spokeswoman Selma Odok would not comment specifically on the UK but says: “Winterthur evaluates its country portfolio on a regular basis. Winterthur Group&#39s strategy is to focus on markets in which it is profitable or in which it can achieve a positive business result in the foreseeable future. As a rule, though, we do not comment on strategic decisions in advance.”


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