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Insurance portfolios transferred

11.08.2005

Swiss Life has completed the sale of its «La Suisse» subsidiary's non-life business to Helsana and Vaudoise, together with the purchase of the Vaudoise group life portfolio.

On 1 February 2005, Swiss Life announced that it would integrate the – hitherto autonomous – life insurance business of its «La Suisse» subsidiary into its own books, take over the Vaudoise group life portfolio and withdraw from the other «La Suisse» business lines. The motor insurance business and property and liability lines were sold to Vaudoise, while the short-term disability and accident insurance business went to Helsana. The portfolio transfers were completed after all the required permits and authorisations were in hand. At the same time, more than 90 «La Suisse» employees in the short-term disability and accident insurance business joined Helsana and around 130 employees from the motor insurance and property and liability lines went to Vaudoise. Moreover, some 90 external services employees from «La Suisse» have already transferred to Vaudoise in recent months. Meanwhile, Swiss Life took on an additional 40 staff from the Vaudoise group life business.

In the context of the portfolio transfers, Swiss Life, Vaudoise and Helsana assumed all the obligations to insurance customers entered into by Vaudoise and «La Suisse», and the existing insurance contracts remain in force. Policyholders are being informed about the transactions and their implications.


Information

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Swiss Life

The Swiss Life Group is one of Europe's leading providers of pension and life insurance products. The Swiss Life Group offers individuals and companies comprehensive advice across 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 40 countries.

Swiss Life Holding, registered in Zurich, dates back to the Swiss Life Insurance and Pension Company founded in 1857. Shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The Swiss Life Group employs a staff of around 10 000 people.

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