Last February, Fortis and Swiss Life signed an agreement to transfer to Swiss Life (France) the shares of Fortis Assurances, France, held by its holding company, Fortis France. The agreement required the approval of the authorities.
In the context of today's difficult economic conditions, the French minister of the economy and finance has just rejected the takeover. This decision does not in any way reflect upon the value of these companies or the quality of their operations.
Consequently, Fortis France and its subsidiary, Fortis Assurances, which focuses on the life insurance market using different distribution networks, will remain within Fortis.
Swiss Life (France), a specialist in personal insurance, will remain among the top 15 insurance companies in France with a total business of EUR 3.4 billion in 2001.
In the context of today's difficult economic conditions, the French minister of the economy and finance has just rejected the takeover. This decision does not in any way reflect upon the value of these companies or the quality of their operations.
Consequently, Fortis France and its subsidiary, Fortis Assurances, which focuses on the life insurance market using different distribution networks, will remain within Fortis.
Swiss Life (France), a specialist in personal insurance, will remain among the top 15 insurance companies in France with a total business of EUR 3.4 billion in 2001.