UNUM’S PROPOSED ACQUISITION OF THE EMPLOYEE BENEFITS BUSINESS OF SWISS LIFE

COMPETITION COMMISSION INVITES EVIDENCE

The OFT has today asked the Competition Commission to look into the proposed acquisition by Unum Ltd of the Employee Benefits business of Swiss Life (UK) plc.

The Commission has been asked to consider whether the proposed acquisition may be expected to result in a substantial lessening of competition in the market for the supply of group income protection, group life and group critical illness insurance products and services – i.e. company policies for employees. The Commission is required to publish its report by 16 April 2004.

This is the third reference to the Commission under the provisions of the Enterprise Act 2002, which came into force on 20 June 2003.

The Commission would like to hear from all interested parties, as soon as possible, in writing, by 21 November 2003. To submit evidence, please write to:

Inquiry Secretary (Unum/Swiss Life)
Competition Commission
New Court
48 Carey Street
LONDON WC2A 2JT

Or e-mail:

The inquiry will be chaired by Competition Commission Chairman, Sir Derek Morris. Names of the other Commission members who will carry out this inquiry will be announced soon.

Notes to editors

1. The Enterprise Act 2002 empowers the OFT to refer to the Competition Commission completed or proposed mergers for investigation and report which create or enhance a 25% share of supply in the UK (or a substantial part thereof) or where the UK turnover associated with the enterprise being acquired is over £70m (see OFT Press Release PN 137/03).
2. The Competition Commission has a 24 week period in which it is required to publish its report, which may be extended by no more than eight weeks if it considers that there are special reasons why the report cannot be published within that period.
3. Further information can be obtained from the Commission’s website at: http://www.competition-commission.org.uk
4. Enquiries should be directed to Francis Royle, Press Officer, Tel: 0207 271 0242