Expanding its reach in its
home market, Switzerland’s largest life insurer Swiss Life has
acquired the group life business of rival Swiss insurer Nationale
Suisse, for an undisclosed sum.
As part of the acquisition
agreement, Nationale Suisse will exclusively offer group life
products from Swiss Life, while Swiss Life will offer its customers
selected non-life products from Nationale Suisse.
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The deal brings with it 3,100
companies representing about 23,000 insured persons, said Swiss
Life CEO Switzerland, Ivo Furrer.
In 2009, gross premium income
from Nationale Suisse’s group life business was reported at CHF223m
($234m) compared with CHF5.88bn from Swiss Life’s equivalent
business.
Swiss Life anticipates that
the takeover will allow it to realise cost savings “within the
single-digitm range”.
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