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Switzerland, Nationale Suisse has had established operations in Germany, Italy, Spain and Belgium for decades and in addition, we are becoming more and more active in Liechtenstein and Malaysia. The Group has gross premiums of CHF 1.7 billion (2009).


Q Can you detail your areas of business?


Around 2,000 employees take care of our clients’ needs, offering the best advisory service as well as individual, tailored insurance solutions in the private and business sectors. Nationale Suisse is also a niche provider in the local specialty lines: travel insurance, credit life and the direct insurance business as well as in the three multi-national specialty lines: high net-worth individuals (HNWI)/art, marine, and engineering. In these areas we distinguish ourselves with outstanding specialist knowledge and an international network.


Q


Can you please discuss your recent transaction?


On January 18 2011, we communicated that Nationale Suisse transfers its whole Group life business in the Swiss market to Swiss Life retrospectively as of January 1 2011. Subject to the necessary official approval, the deal will be concluded in the first half of 2011. In addition, we have entered into a mutual distribution agreement: Nationale Suisse will exclusively offer Swiss Life Group life products while Swiss Life will provide its clients with Nationale Suisse non-life products, mainly from our specialty lines.


Q


What do you hope to gain from it? How will the transaction further the development of


the company?


The sale of our Group life business is an important strategic step for us. From the political perspective, the minimum interest rate has been too high for years. Together with very low interest rates, the business can no longer be operated profitably in the long term with our market share. The same applies to the conversion rate, the reduction of which was rejected in March 2010. Additionally, a stricter definition of the statutory share of the insured to the surpluses, i.e. legal quote, is currently being discussed. The challenging operating environment makes it increasingly difficult in the medium-term for Nationale Suisse, as a small provider, to generate the target returns on the capital employed in this business area. For this reason, we looked into the possibility of selling the Group life business. We are convinced that with the transaction and


the joint distribution agreement a win-win situation has been created for both parties. In Swiss Life, we have found an ideal product partner who will take over and continue the Group life business. We shall


fi MONTHLY MARCH 2011


feature deals of the month


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provide our clients with a comprehensive range of products from an outstanding provider.


Q


Are there other changes as a result of the transaction? What are they?


Hitherto, 32 employees based in Switzerland have been responsible for the Group life business at Nationale Suisse. We negotiated that all of these individuals are being taken on by Swiss Life on the same terms and conditions.


Nationale Suisse is an innovative, international Swiss insurer headquartered in Basel. With more than 125 years of history and experience within the insurance market, the company provides first-rate risk and pension solutions as well as tailored specialty lines products.


Q


What does the future hold? What are the ambitions and goals moving forward?


Nationale Suisse is continuing to pursue its differentiation strategy in the retail and SME business, in Switzerland and in the other European countries. In addition, the specialty lines business (engineering, marine, HNWI/art, credit life, travel, and direct) is being developed vigorously on a national and international level. fi


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