Swiss Life has completed the sale of its Dutch and Belgian businesses to SNS Reaal for a consideration of CHF2.45 billion.
As a result of this transaction, Swiss Life is expected to post a 2008 profit contribution of around CHF850 in the first half of the year. The units concerned will be fully consolidated in the financial statements of Swiss Life up to April 29, 2008.
SNS Reaal plans to retain the Zwitserleven name in the Netherlands and is entitled to use the existing logo for a transitional period of four months. 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.