Swiss Re and Phoenix terminate discussions

Swiss Re and Phoenix Group Holdings, a UK consolidator of closed life assurance funds, have terminated discussions of a potential combination of Phoenix and Swiss Re's UK Admin Re Business Unit.

Further to the announcement on July 12 2013 by Phoenix, discussions have terminated as the parties have been unable to agree the terms on which a mutually acceptable transaction could take place.

Swiss Re remains confident in Admin Re's ability to contribute to Swiss Re’s financial targets, meet its stated gross cash generation levels and deliver on its strategic aim of being a recognised force in the closed life book business.

Admin Re will continue to execute against its business plan, further streamlining its business through management actions targeted at productivity measures and asset re-balancing.

Swiss Re Group's capital management plans and priorities are unaffected by this announcement.