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Sale of Swiss Life (UK)'s group risk and group life business has been abandoned

21.11.2003

The Swiss Life Group and Unum Limited (“Unum”) have announced that they no longer intend to proceed with the purchase of Swiss Life (UK)'s group income protection and group life business by Unum. The proposed transaction which was announced last August will therefore not be realised. The parties have come to this conclusion in view of the referral of the proposed purchase by the Office of Fair Trading (OFT) to the Competition Commission.

The parties continue to explore areas in which they can work together, taking into account the concerns raised by the OFT. These discussions include Unum becoming a new UK partner in the Swiss Life Network for international pooling. The discussions are ongoing and a further announcement may be made in due course.

Pending the conclusion of these discussions, the Swiss Life Group can confirm that cover for existing customers whose policies are due for rate review will be extended on existing terms on a temporary basis. Once the final position becomes clear, policyholders will be given sufficient notice of this in order for them to make decisions regarding their future cover. Accordingly, customers are not required to take any action at this stage.

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

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.
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