SWISS LIFE FOCUSES ON LIFE BUSINESS, PLANS JOB CUTS

Zurich-based assurer Swiss Life is to cut 200 jobs through the integration of the life operations of its La Suisse unit and the sale of non-core operations. La Suisse’s property and liability lines are to be sold to Vaudoise, while Helsana will acquire the unit’s short-term disability and accident insurance business. Swiss Life in turn is to take over Vaudoise’s group life portfolio. Swiss Life said that it anticipated annual savings of SFr70m as a result of the reorganisation, with restructuring costs of SFr80m to be taken in 2005.