Fortis, the Benelux financial group, has sold its French life assurance operation to Swiss Life/Rentenanstalt. The Swiss life office will acquire Fortis France S.A., whose primary component is formed by the life insurance company Fortis Assurances S.A.
Accordingly, the company is able to expand its core business in a profitable market as well as significantly strengthen its distribution network. Swiss Life (France) will be charged with the operative management. The purchase price will equal between EUR 150 and 200 million.
Fortis Assurances S.A. generated about CHF 700 million in premium income in 2001, mainly through unit-linked products. Subject to the approval by the responsible authorities and the European Commission, the transaction should be concluded in the first semester of 2002.