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Swiss Life to sell Italian insurance business to bancApulia

Swiss Life has agreed to sell its Italian insurance subsidiaries to Italian financial group bancApulia.

The Italian insurance groups, which currently employ 23 staff, generated around CHF20 million in 2005.

The sale marks the Swiss insurer’s previously announced complete withdrawal from the Italian insurance market.

Meanwhile, the acquisition will aid bancApulia’s further expansion into the area of bancassurance.

Swiss Life said the transaction is subject to regulatory approval and is expected to be completed during the fourth quarter of 2006. Financial details were not disclosed.