Swiss Life Insurance With Profits Policies and Closed Life Funds

Swiss Life

Ownership status

In 2004 Swiss life’s UK life business was sold to the resolution group, and it’s private equity portfolio sold to pantheon ventures.

Resolution was formed in September 2005 from the merger of Resolution Life Group Limited (RLG) and Britannic Group plc (Britannic). Resolution is the leading consolidator of closed life funds in the UK with approximately 6 million policies and combined life company assets of £35 billion.

Range of Policies

Swiss life policies are usually either industrial or ordinary branch.

Industrial Branch involves ife insurance policies where premiums are collected by an insurance company agent at the policyholder?s home, at intervals of less than two months, often for a relatively small amount. Whole life and Endowment contracts are the only types of business written in the Industrial Branch.

Ordinary Branch involves life insurance and pensions business where the premiums are usually paid through the banking system by cheque, standing order or direct debit. Many unitised and conventional policies are written in ordinary branch.

Financial Strength

Moody’s - Baa1

Standard and Poor’s - BBB/+

Typical asset share

Below is a table showing the mix of assets deemed to be backing former swiss life with-profits policies at the end of 2006.

With-profits return and bonus history

	3m return	6m return	1yr return	3yr return	5yr return	25yr return
Phoenix WP bond	0.1%	0.3%	0.5%	2.9%	5.2%	N/A
Phoenix unitised WP life S8	0.1%	0.3%	0.5%	2.3%	5.1%	N/A
Phoenix unitised WP pension	0.2%	0.5%	1.0%	3.0%	6.9%	N/A
Sector average	0.5%	1.2%	3.0%	9.6%	16.3%	N/A
Phoenix unitised WP pension	0.2%	0.5%	1.0%	3.0%	6.9%	N/A
Phoenix WP pension	0.5%	1.0%	1.8%	4.9%	10.0%	N/A
Sector average	0.6%	1.4%	3.3%	10.8%	18.2%	N/A

WP endowment	N/A	N/A	N/A	N/A	N/A	9.4

Source: www.trustnet.com
Money management

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