The Swiss Life Group is selling its life insurance business in Spain to VidaCaixa, a subsidiary of the CaiFor Group. The purchase price amounts to around EUR 55 million. For the Swiss Life Group, this sale represents a further step in the implementation of its strategy. With this acquisition VidaCaixa reinforces its position in the occupational life and pensions business. Swiss Life (España) will remain a partner in the Swiss Life Network, where it will service major international clients. Assuming the transaction is approved by the authorities, it is expected to be concluded in the fourth quarter of 2003.
As the latest step in the pursuit of its strategy, the Swiss Life Group is to sell its Spanish subsidiary, Swiss Life (España), for around EUR 55 million to VidaCaixa, a subsidiary of the Spanish CaiFor Group, a joint venture in which La Caixa and Fortis each hold 50% of the shares. The Swiss Life Group had announced in September 2002 that Spain no longer belonged to the Group's core markets since it would require considerable investment for the company to achieve critical mass in terms of the Spanish life insurance market.
In the words of Rolf Dörig, Chief Executive Officer of the Swiss Life Group: "We want to focus all our energy on the core markets of Switzerland, France, Germany, the Netherlands and Belgium/Luxembourg and to restore profitability. With the divestment of Swiss Life (España) we have taken a further step in this direction. Not only have we found a good buyer in VidaCaixa, but also an ideal solution for the Swiss Life Network, which services major international clients."
By acquiring Swiss Life (España), VidaCaixa will strengthen its position in the occupational life and pensions business and will continue to establish itself as one of the leading providers of long-term savings and retirement solutions for companies. Since Swiss Life (España) also has very good relations with over 700 insurance brokers and consultants, VidaCaixa will be able to further expand its multi-channel distribution capability. Swiss Life (España), which specialises in occupational life and pensions business, generated a premium volume of EUR 306 million in 2002 and employs a workforce of around 120 at its sites in Madrid, Barcelona, Bilbao and Valencia.
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.
In the words of Rolf Dörig, Chief Executive Officer of the Swiss Life Group: "We want to focus all our energy on the core markets of Switzerland, France, Germany, the Netherlands and Belgium/Luxembourg and to restore profitability. With the divestment of Swiss Life (España) we have taken a further step in this direction. Not only have we found a good buyer in VidaCaixa, but also an ideal solution for the Swiss Life Network, which services major international clients."
By acquiring Swiss Life (España), VidaCaixa will strengthen its position in the occupational life and pensions business and will continue to establish itself as one of the leading providers of long-term savings and retirement solutions for companies. Since Swiss Life (España) also has very good relations with over 700 insurance brokers and consultants, VidaCaixa will be able to further expand its multi-channel distribution capability. Swiss Life (España), which specialises in occupational life and pensions business, generated a premium volume of EUR 306 million in 2002 and employs a workforce of around 120 at its sites in Madrid, Barcelona, Bilbao and Valencia.
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.
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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.