Swiss Life UK halts new business

13 April 2012

ONE of the country's largest providers of income protection policies, Swiss Life UK, is closing to new business, with the loss of about 200 jobs.

The Kent-based company, which provides cover to more than 2m British customers, said its cash-strapped parent Swiss Life Group had decided its specialist protection business was too costly.

It had tried to find a buyer but the expectations of interested parties 'did not come close to matching those of Swiss Life,' it said. The individual business side will close now. Swiss Life will review options for its group business, the largest in the UK, with a decision due by mid-August.

Founded in 1967, the British business has won awards for its portfolio of life insurance, income replacement and critical illness insurance contracts. It has funds under management of more than £1.95bn, and sums assured in group life and annuity policies of more than £70bn.

The closure decision does not affect existing clients. Future claims are secure and policies will continue to be managed for their term. Its international business will also continue.

Zurich Financial services is seeking to transfer staff from its Swindon data centre to its central office in Switzerland to save costs. The company, which counts Allied Dunbar and Eagle Star among its brands, said it was working on migration plans for the staff, though these remain subject to regulatory approval.

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