Swiss Life - Profitline

 

Wirtschaft - NZZ On-Line - 11.04.03

Swiss Life sells activities linked to Profitline investment funds.

(ap) Swiss Life sells activities linked to Profitline (Telephone sales and online fund management company) investment funds to AIG SA Private Bank, Zurich. This sale comes within the context of Swiss Life's strategic reorientation. The parties agreed not to reveal the amount of the deal.

Swiss Life, formerly Rentenanstalt, justified this sale on Friday stating that the group from now on intends to concentrate its business activities on life insurance and personal consulting. The deal involved the capital of 40,000 clients whose investments with Profitline amount to a total of CHF 440 million.

Those clients having concluded a life insurance with Profitline are not concerned by this sale. Their policies will continue to be managed in conformity with the existing contractual terms. As stated in the press release, the security of the assets remains fully guaranteed. Profitline was founded in 1996 by the former Rentenanstalt and UBS. In 1999, Rentenanstalt/Swiss Life took over Profitline completely.

 

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