UBS sets up its own life insurance company.
From the first quarter of 2001, UBS will be offering life insurance under its own name as well as risk cover supplied by Providentia. For this purpose it will be setting up its own life insurance company. Through an open sales architecture UBS will market products of other companies in addition to its own range, working as it has done up to now with a select group of insurance companies. This move is in line with the bank's strategy of providing insurance products that cater to capital accumulation and retirement saving needs and therefore fit the business of an integrated financial services group.
With the foundation of its own wholly-owned life insurance subsidiary, UBS is strengthening its present position in the life insurance business. UBS clients will in future have a selection of new and innovative UBS life insurance products to choose from. There will be a strong focus on fund-linked life insurance as well as on innovative special products, and the range will be enhanced by risk products as well as classic cash value and superannuation policies. These will be supplied by UBS's new partner Providentia, but the products will be sold under the UBS name. Providentia Schweizerische Lebensversicherungsgesellschaft AG has its registered office in Nyon and belongs to the Mobiliar Group.
Focus on Swiss market
In the initial phase, the range of UBS life insurance products offered will be aimed exclusively at the Swiss market in line with current policy. Later, however, sales opportunities elsewhere in Europe will be exploited. UBS expects the new life insurance company to become operational in the first quarter of 2001.
Capital accumulation and retirement provision
UBS has always emphasized that its bancassurance strategy does not include non-life or property insurance products. As an integrated financial services group, it has focused its insurance activities on capital accumulation and retirement provision. UBS life insurance products will thus complement the Group's banking products to form an integrated range of financial and retirement planning services.
Cooperation with Zurich Financial Services and Rentenanstalt
Through an open sales architecture, UBS will supplement its own life insurance range with products from external providers. This means that as well as offering life insurance under its own name and risk cover from Providentia, UBS clients will in future also be able to buy products offered by Zurich and Rentenstalt as well as those of any new future partners. These partnerships will continue to be employed, commensurate with the Group's basic philosophy, where they make sense for both parties and bring benefits for the client. As recently as April this year, UBS and Zurich Financial Services agreed to pursue a collaboration effort in the occupational pensions area. As part of this agreement, Zurich will take over the management of the PREVAL collective foundation from UBS in 2001. PREVAL specializes in the administration of mandatory occupational pension schemes for small and medium-sized enterprises in Switzerland.
Zurich/Basel, 8 September 2000
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