The Swiss insurance regulators has said it will widen its probe into accounting errors and controversial investments at troubled Swiss Life.

The insurer has come under fire after restating its earnings twice in a month, something it claims was due to human error.

The company's board of directors is to be rejuvenated and reinforced

Swiss Life

It has also admitted that that six executives made profits of 11.5m Swiss francs (�5m; $7.9m) through a private company investment fund.

The fund, known as Long Term Strategy, allowed senior staff to invest in some of Swiss Life's deals.

Late on Thursday the company also announced that its chairman, Andres Leuenberger, would resign at the 2003 annual general meeting on 27 May.

The new follows the summary ousting of the insurer's chief executive Roland Chlapowski, a day earlier.

"The company's board of directors is to be rejuvenated and reinforced," Swiss Life said in a statement.

Probes proceed

The regulator said first results from a probe into Long Term Strategy could be ready in about two weeks.

The probe has been widened to cover transfers from one group company to another, and may be broadened further.

The separate probe into Swiss Life's accounting problems - which resulted in two 500m-franc bookkeeping errors - are due in a month.

The company did not give a reason for Mr Leuenberger's planned departure.