SWITZERLAND - Insurance giant Swiss Life/Rentenanstalt has sealed a deal worth up to EUR200m to acquire Fortis France, the French arm of the Dutch bank.
Swiss Life hopes to expand its core business as well as strengthen its distribution network in France by the move. The exact purchase price will fall somewhere between EUR150m-200m.
Fortis France’s primary component is formed by the life insurance company Fortis Assurances which generated around CHF 700m in premium income last year, mainly through unit-linked products.
Swiss Life (France) will be charged with the operative management.
Subject to the approval by the regulatory authorities and the European Commission the transaction should be concluded by June.
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