Disposal

RNS Number:9660H
Swiss Life Holdings
19 November 2007



Zurich, 19 November 2007


Swiss Life to sell its Dutch and Belgian businesses to SNS REAAL for up to EUR
1535 million (CHF 2510 million)



Swiss Life Holding and SNS REAAL, a leading provider of innovative financial
services in the Netherlands, have  come to a mutual understanding concerning the
intended sale of Swiss Life's Dutch and Belgian businesses,  including
Zwitserleven, Swiss Life Asset Management (Nederland) and Swiss Life (Belgium)
for a total consideration  of up to EUR 1535 million (CHF 2510 million),
consisting of an initial purchase price of EUR 1445 million and a  price
adjustment of up to EUR 90 million based on the increase of the local net asset
values of Zwitserleven and  Swiss Life (Belgium) during 2007. The maximum total
consideration is equivalent to 1.1x the traditional embedded  value of the
businesses as at 30 June 2007.

Following an extensive strategic review, Swiss Life has decided to sell the
Dutch and Belgian businesses. Swiss  Life believes it would not have been
possible for it to achieve a sustainable profitable market position on a 
standalone basis, neither in the Netherlands nor in Belgium, given the limited
scope for consolidation  opportunities and the increasing importance of critical
mass to deliver growth and sustain margins.


In the words of Rolf Dorig, Chief Executive Officer of the Swiss Life Group:
"We are convinced that the intended  sale of our Dutch and Belgian operations to
SNS REAAL is the best way to maximise value creation for our  shareholders and
that the proposed solution provides new and attractive opportunities for the
management and  employees of these businesses. Zwitserleven has developed into
the preferred partner for autonomous pension funds,  and its brand remains
outstanding. Our Belgian operation has made considerable progress over the last
two years,  and is now positioned to further benefit from the growing need for
pension solutions. The terms of the transaction  clearly reflect the quality of
the franchises in both markets."


In 2006, Swiss Life's Dutch and Belgian insurance businesses contributed 12%
to the Group's gross written  premiums, policy fees and deposits received and
13% to the insurance segment result. The traditional embedded  value of the
businesses on 30 June 2007 amounted to CHF 2.4 billion (EUR 1.4 billion) of the
Group's total of CHF  12.5 billion.


The transaction is expected to be completed by the end of the first half of
2008. The Dutch and Belgian operations  consequently will be fully consolidated
in the Swiss Life Group's financial statements for 2007 and will be  treated as
discontinued operations. The sale is expected to result in an overall
contribution of around CHF 1.2  billion to the Swiss Life Group's post-tax
profit, of which approximately CHF 200 million will be accounted for in  2007
and around CHF 1.0 billion in 2008.


As mentioned above, the final consideration is subject to adjustments for the
change in the statutory net asset  values of the businesses during 2007. From 1
January 2008, the economic benefits and burdens of the businesses  shall be for
the account and risk of the purchaser.


As part of the transaction, it is the intention that SNS REAAL will become the
partner of the Swiss Life Network  in the Netherlands and Belgium.


The transaction is subject to regulatory approval and will be referred to the
relevant works councils.


Swiss Life will use the proceeds from this transaction and from the recently
announced sale of Banca del Gottardo  to finance future growth and to launch a
share buy-back programme of up to CHF 2.5 billion over the next 18  months.
Swiss Life will announce more details at its Investors' Day on 4 December 2007.


Goldman Sachs International acted as exclusive financial adviser to Swiss Life
on this transaction.



Attachment

Key figures of the Dutch and Belgian insurance businesses for 2006 and for the
first half of 2007.





Conference call for analysts and investors
19 November, 2 p.m. CET



The conference call can be followed by dialling the appropriate number below.
Please call at least ten minutes  prior to the commencement of the conference.




Dial-in numbers:

From Europe (excluding UK): +41 91 610 5600

From UK: +44 207 107 0611

From USA: +1 (1) 866 291 4166




Digital playback:

It will be possible to listen to a digital playback of the conference call for
48 hours, beginning 5 p.m. CET on  19 November.





Please visit http://www.swisslife.com/slcom/en/home/analysts.html

Media release and the key figures for the Nederlands and Belgium




Contact

Media Relations

Phone +41 43 284 77 77

media.relations@swisslife.ch





Investor Relations

Phone +41 43 284 52 76

investor.relations@swisslife.ch





www.swisslife.com






Swiss Life

The Swiss Life Group is one of Europe's leading providers of pension and
life insurance products. The Swiss     Life Group offers individuals and
companies comprehensive advice across a broad range of products via agents,    
brokers and banks in its domestic market, Switzerland, where it is market
leader, and selected European     markets. Multinational companies are serviced
with tailor-made solutions by a network of partners in over 60     countries and
regions. With Banca del Gottardo, the Swiss Life Group is also a provider of
private banking     services. The bank, with its head office in Lugano, has an
extended national and international network and     around CHF 36 billion in
customer assets under management.


Swiss Life Holding, registered in Zurich, dates back to the Schweizerische
Rentenanstalt founded in 1857.     Shares of Swiss Life Holding are listed on
the SWX Swiss Exchange (SLHN). The Swiss Life Group employs a staff     of
around 9000.


Cautionary statement regarding forward-looking information

This publication contains specific forward-looking statements, e.g.
statements including terms like "believe",  "assume", "expect" or similar
expressions. Such forward-looking statements are subject to known and unknown   
risks, uncertainties and other factors which may result in a substantial
divergence between the actual results, financial situation, development or
performance of the company and those explicitly or implicitly presumed in    
these statements. Against the background of these uncertainties, readers should
not place undue reliance on forward-looking statements. The company assumes
no responsibility to update forward-looking statements or to adapt them to
future events or developments.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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