Swiss Life UK has announced it is selling its group protection business to Unum Provident in a deal which will see Swiss Life withdraw from the UK market completely.
Unum Provident will acquire Swiss Life's group income protection business and the renewal rights to its group life and critical illness book, making Unum Provident the largest group protection provider in the UK.
It also means Unum Provident becomes a partner in the administering of the Swiss Life Network, servicing the Swiss Life Group's major international clients in the UK.
While subject to regulatory approval, the deal would see Unum Provident take control of 1,800 existing group IP policies covering 280,000 people and renewal rights to approximately 6,800 group life and CI policies covering 1.3m lives.
The financial details of the transaction are to remain confidential.
Swiss Life Group chief executive Rolf Dörig says: “We want to focus all of our energies on core business and to restore profitability. By transferring group risk business from Swiss Life UK to Unum Provident we can take a further step in this direction.”