UBS enters life insurance market

The Swiss bank, UBS, has announced it is to set up its own life insurance company in the first quarter of next year.

UBS will sell its own products, as well as continuing to market those of other companies.

A statement said the move was in line with the bank’s strategy of providing insurance products that cater for capital growth and retirement needs.

It added that the move was an appropriate step for an integrated financial services group.

In the initial phase, UBS life insurance products will be aimed exclusively at the Swiss market, but the group plans to expand the business into the rest of Europe at a later date.

UBS said that as well as offering life insurance under its own name and risk cover from the Providentia company, clients would in future also be able to buy products offered by the Zurich and Swiss Life companies, as well as those of any future partners.

swissinfo with agencies