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Swiss Life (UK) closes to all new business


New agreement between Swiss Life and UnumProvident

Following the closure to new individual business in July 2003, Swiss Life (UK) will now also stop writing new group business. This represents a further step in the Swiss Life Group's strategic realignment and a continuation of its planned withdrawal from the UK market.

In line with its withdrawal from the UK market, Swiss Life has reached a new agreement with UnumProvident with effect from 1 January 2004. Swiss Life (UK)'s Group Income Protection claims portfolio will now be reinsured with UnumProvident. At the same time, Claims Services International Ltd, a wholly owned subsidiary of UnumProvident will now administer claims. In addition, UnumProvident will become a Swiss Life Network partner for servicing major multinational clients in the UK.

Originally, Swiss Life (UK)'s entire group protection business was to be sold to Unum, however the proposed sale was abandoned on 21 November 2003 following its referral by the Office of Fair Trading to the Competition Commission.

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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