Swiss Re agrees to sell elipsLife to Swiss Life International and to enter into a long-term partnership supported by reinsurance

EQS-News: Swiss Re Ltd / Key word(s): Agreement/Disposal Swiss Re agrees to sell elipsLife to Swiss Life International and to enter into a long-term partnership supported by reinsurance 10.12.2021 / 07:00 Zurich, 10 December 2021 - Swiss Re announced today that it has agreed to sell its life insurance subsidiary Elips Life AG ('elipsLife') to Swiss Life International and to enter into a long-term reinsurance partnership for elipsLife's in-force and new business. Andreas Berger, Chief Executive Officer Swiss Re Corporate Solutions, said: 'We are very pleased to have found the perfect partner in Swiss Life to take elipsLife into a successful future. The sale will allow Corporate Solutions to focus on continuing the strong performance of our core commercial insurance business. At the same time Swiss Re will keep exposure to an attractive risk pool via a long-term reinsurance partnership with Swiss Life.' Nils Frowein, CEO Swiss Life International, said: 'The partnership will significantly strengthen our Employee Benefits offering in Europe and will contribute to our risk and fee result which is fully aligned with Swiss Life's strategy.' elipsLife is an insurance company for institutional clients such as pension funds, collective foundations, companies, and associations. The company focuses on insurance products that cover the financial consequences of illness and accidents. At the forefront of its activities are occupational and private pension provision for death and disability risks. elipsLife's headquarters are located in Vaduz, Liechtenstein. elipsLife has been a wholly owned subsidiary of Swiss Re since October 2011, and since 2020 it has been part of the Business Unit Corporate Solutions. As part of the agreement, Swiss Life will take over elipsLife, excluding the medical business of Elips Versicherungen AG in Ireland, which will remain with Swiss Re. The transaction is expected to close in the first half of 2022, subject to several closing conditions, including regulatory approval and merger control clearance by the applicable authorities.   For further information please contact Swiss Re Media Relations: + 41 (0)43 285 7171 or [e-mail]. Please use this link to access the Swiss Re website. Swiss Re The Swiss Re Group is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk - from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. Cautionary note on forward-looking statements Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Further information on forward looking statements can be found in the Legal Notice section of Swiss Re's website. End of Media Release

Language:	English
Company:	Swiss Re Ltd
	Mythenquai 50/60
	8022 Zurich
	Switzerland
Phone:	[phone]
E-mail:	[e-mail]
Internet:	www.swissre.com
ISIN:	CH0126881561
Valor:	12688156
Listed:	SIX Swiss Exchange
EQS News ID:	1256343

End of News	EQS News Service

1256343  10.12.2021