Swiss Life (UK), the specialist protection provider, is to stop writing new individual business. Group business is still under evaluation. Swiss Life (UK) will continue writing new group business. The Swiss Life Group is committed to having a Network Partner in the UK servicing major international clients.
The Swiss Life Group announced last September that Swiss Life (UK), due to its special focus on protection, a capital intensive niche market, was no longer considered to be part of the Group's core business. Negotiations to sell the business as a whole, which have taken place over the last few months, have shown that the expectations of the interested parties did not come close to matching those of the Swiss Life Group. The Swiss Life Group has therefore decided to take different approaches for individual and group business, respectively, in order to optimise shareholder value.
For individual business, which has high capital requirements, it has been decided to close to new business with immediate effect. For group business, including the international pooling business, different options will be examined up to mid August. Until then Swiss Life (UK) will continue to write new group business. If no acceptable solution can be concluded in the course of August, Swiss Life (UK) will also close to group business except new international business. In the case of a complete run-off of the individual and group business, the Swiss Life Group is confident of realising a value of around GBP 30 - 40 million in excess of the net asset value over time.
The Swiss Life Group is aware that these announcements are likely to have a significant impact for staff at Swiss Life (UK) and can confirm that Swiss Life (UK) will comply fully with its legal obligations to inform and consult staff in connection with the development and implementation of its plans for them. The Swiss Life Group anticipates that the decision to stop writing new individual business could ultimately lead to approximately 200 positions being shed at Swiss Life (UK).
This decision does not affect Swiss Life (UK)'s existing clients. Future claims are secure and policies will continue to be managed for their entire term. For international clients it is envisaged that the Swiss Life Group will continue to be represented in the UK by a Network Partner.
Swiss Life
The Swiss Life Group is one of Europe's leading providers of life insurance and long-term savings and protection. The Swiss Life Group offers individuals and companies comprehensive advice and a broad range of products via agents, brokers and banks in its domestic market, Switzerland, where it is market leader, and selected European markets. Multinational companies are serviced with tailor-made solutions by a network of partners in over fifty countries.
Swiss Life Holding, 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 enterprise employs around 11 000 people worldwide.
For individual business, which has high capital requirements, it has been decided to close to new business with immediate effect. For group business, including the international pooling business, different options will be examined up to mid August. Until then Swiss Life (UK) will continue to write new group business. If no acceptable solution can be concluded in the course of August, Swiss Life (UK) will also close to group business except new international business. In the case of a complete run-off of the individual and group business, the Swiss Life Group is confident of realising a value of around GBP 30 - 40 million in excess of the net asset value over time.
The Swiss Life Group is aware that these announcements are likely to have a significant impact for staff at Swiss Life (UK) and can confirm that Swiss Life (UK) will comply fully with its legal obligations to inform and consult staff in connection with the development and implementation of its plans for them. The Swiss Life Group anticipates that the decision to stop writing new individual business could ultimately lead to approximately 200 positions being shed at Swiss Life (UK).
This decision does not affect Swiss Life (UK)'s existing clients. Future claims are secure and policies will continue to be managed for their entire term. For international clients it is envisaged that the Swiss Life Group will continue to be represented in the UK by a Network Partner.
Swiss Life
The Swiss Life Group is one of Europe's leading providers of life insurance and long-term savings and protection. The Swiss Life Group offers individuals and companies comprehensive advice and a broad range of products via agents, brokers and banks in its domestic market, Switzerland, where it is market leader, and selected European markets. Multinational companies are serviced with tailor-made solutions by a network of partners in over fifty countries.
Swiss Life Holding, 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 enterprise employs around 11 000 people worldwide.
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.