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.
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”.