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December 09, 2004
Swiss Life to Sell U.K. Unit for 205 Million Pounds
Swiss Life Holding, Switzerland's biggest life insurer, said it will sell its U.K. life insurance business for 205 million pounds ($395 million) to Resolution Life Group Ltd. as it exits the British market.
The sale includes repayment of about 400 million Swiss francs ($346 million) in loans to Swiss Life, the Zurich-based insurer said in an e-mailed statement. Swiss Life said the sale will result in a charge to 2004 earnings of about 120 million francs.
Posted by Tom Troceen