Swiss Life calls time on foray into int’l retail space
From Life Dec 8 2011 BY: Simon Danaher
, Online News Editor
, International Adviser
Swiss Life has announced it is to completely withdraw from the international retail market in order to “refocus on the corporate and high net worth segments” of its business.
As part of its withdrawal from this area of the market, Swiss Life has terminated relationships with a number of international IFAs through which it had distribution agreements.
The company’s foray into the international retail space was short lived, with the project coming into difficulties relatively early on.
In January 2010, Swiss Life appointed industry veteran Carlos Sabugueiro from Zurich International Life to develop its international retail proposition. It is understood these products were likely to have been investment products within an insurance "wrapper".
However, a little over a year after joining Sabugueiro left Swiss Life. At the time the company cited “differences regarding the strategic direction of the project” as reason for his departure. The company also said that, despite Sabugueiro’s departure, it would continue to develop the proposition.
In a letter terminating its relationship with one international IFA group, Swiss Life said: “We would like to inform you that the board of directors of Swiss Life Group has decided to refocus its international division on the corporate and high net worth segments.
“As a consequence, and with immediate effect, Swiss Life Products (Luxembourg) S.A. will no longer accept any business under the “freedom to provide services” regime. This includes all the “affluent” solutions that were offered directly from Luxembourg. Business sold via our branches in existing Swiss Life markets will not be affected.”
A spokesperson for Swiss Life confirmed the company’s withdrawal from the international retail sector. The spokesperson also confirmed as a result of the decision there had been a “few unavoidable job redundancies”.