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Swiss Life Expands HNWI Services With Liechtenstein Acquisition

by Carla Johnson, Investors

20 December 2006

Swiss Life Holding has announced that it will acquire the entire share capital of Liechtenstein-domiciled CapitalLeben, giving the company a leading position in structured life insurance products for high net worth individuals.

Swiss Life said that it will merge the company with its subsidiary Swiss Life (Liechtenstein) AG. The companies have a comparable business model, similar products and complementary areas of geographical focus.

The acquisition makes Swiss Life, with its companies in Liechtenstein and Luxembourg, one of the leading providers of structured life insurance products, and the company said that its presence in these two locations, both key for this global business, offers a unique position from which to seize the opportunities engendered by this rapidly expanding market. The parties have agreed not to disclose details of the purchase price.

“The acquisition of CapitalLeben enables us to further exploit the major growth potential of this attractive business area and to rapidly expand beyond the markets we already cover," confirmed Bruno Pfister, CEO International of the Swiss Life Group.

Hans Haumer, Chairman of the Board of Directors of CapitalLeben, added: “CapitalLeben is one of the first movers in the structured life insurance products business. The strong growth of the past few years has brought us to a threshold in our development. In Swiss Life we have found the ideal partner with which to take the next step. This merger also enhances professional development perspectives for CapitalLeben employees.”

The insurance law introduced in 1996, and compatible with applicable European Union directives, has made Liechtenstein an attractive location for business with structured life insurance products.

Policies concluded under Liechtenstein law enable wealthy customers to invest their assets in life insurance, and therefore benefit from attractive tax conditions and from the advantages of wealth management and estate planning. Premium income totalling around CHF6 billion (EUR3.75 billion) is expected for this market for 2006.

As a non-listed, autonomous company, CapitalLeben has successfully operated in this business for the last ten years and is now the market leader among life insurance companies in Liechtenstein. The company offers tailor-made private insuring concepts via a network of banks, asset managers, legal experts and tax advisors to optimally combine individual asset management with attractive pension planning from both a tax and legal perspective.

CapitalLeben's clients come mainly from Germany, Austria and Italy, and the company expects premium income for 2006 of CHF1.25 billion, 25% up on 2005, and net profit of approximately CHF9 million, 50% higher than last year.

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