Swiss Life is selling Profitline's fund business to AIG Private Bank Ltd, Zurich. The sale is a result of the new strategic direction pursued by the Swiss Life Group, which aims to concentrate in future on life insurance business and personal consulting in its domestic market, Switzerland. Both parties have agreed not to disclose details of the purchase price.
The transaction affects assets totalling CHF 440 million invested by Profitline's 40 000 fund customers. These funds will be transferred to AIG Private Bank on 31 May 2003 unless customers provide written instructions to the contrary. Customers who have taken out life insurance with Profitline are not affected by the sale. These policies will continue to be administered in accordance with the existing agreements. The security of these policyholder assets remains fully guaranteed.
Profitline was founded in 1996 by the former UBS Swiss Life, a joint venture of UBS and the then Rentenanstalt. In 1999 Swiss Life/Rentenanstalt acquired the UBS stake in Profitline and changed the company's name to Swiss Life Direct, thereby extending its existing product range to include banking products which had previously been largely unavailable in the insurance industry. Profitline continued to be managed as a separate direct sales channel, concentrating in particular on the marketing of funds via call centres. At the beginning of 2001 Swiss Life Direct was fully integrated into Swiss Life/Rentenanstalt in legal terms.
Swiss Life
The Swiss Life Group is one of Europe's leading providers of long-term savings and protection and life insurance. Swiss Life offers comprehensive advice to both individual and corporate customers across a broad range of products via agents, brokers and banks in both its domestic market, Switzerland, where the company is market leader, and selected European markets. Multinational companies are serviced with tailor-made solutions by a network of partners in over fifty countries.
The Swiss Life Group, registered in Zurich, was founded in 1857 as the Swiss Life Insurance and Pension Company. Shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The company employs around 12 000 persons.
Profitline was founded in 1996 by the former UBS Swiss Life, a joint venture of UBS and the then Rentenanstalt. In 1999 Swiss Life/Rentenanstalt acquired the UBS stake in Profitline and changed the company's name to Swiss Life Direct, thereby extending its existing product range to include banking products which had previously been largely unavailable in the insurance industry. Profitline continued to be managed as a separate direct sales channel, concentrating in particular on the marketing of funds via call centres. At the beginning of 2001 Swiss Life Direct was fully integrated into Swiss Life/Rentenanstalt in legal terms.
Swiss Life
The Swiss Life Group is one of Europe's leading providers of long-term savings and protection and life insurance. Swiss Life offers comprehensive advice to both individual and corporate customers across a broad range of products via agents, brokers and banks in both its domestic market, Switzerland, where the company is market leader, and selected European markets. Multinational companies are serviced with tailor-made solutions by a network of partners in over fifty countries.
The Swiss Life Group, registered in Zurich, was founded in 1857 as the Swiss Life Insurance and Pension Company. Shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The company employs around 12 000 persons.
Cautionary statement regarding forward-looking information
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This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.