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Swiss Life completes sale of Dutch, Belgian arms

Swiss Life has completed the sale of its Dutch and Belgian businesses to SNS Reaal for CHF2.45 billion.

In 2007 Swiss Life announced that it was selling its Dutch and Belgian operations to SNS Reaal. The sale results in a 2008 profit contribution of around CHF850 million, which will be posted in the first half of 2008. The units concerned will be fully consolidated in the financial statements of Swiss Life up to April 2008.

SNS Reaal plans to retain the Zwitserleven name in the Netherlands. The parties involved in the sale have also agreed that Swiss Life Belgium may use its name and corporate identity until the end of 2008.