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. Last Updated: 07/27/2016

Swiss Life Buys Insurer

ZURICH, Switzerland -- Swiss Life/Rentenanstalt, Switzerland's largest life insurer, said Wednesday that it was buying health care insurance company Lloyd Continental of France for 3.24 billion French francs ($540 million).

Lloyd Continental has premium volume of about 3 billion French francs and is one of the largest private insurance companies operating in the French health sector, Swiss Life said.

Swiss Life said in a statement the acquisition would make it one of the three leaders in the French health market, giving it premium volume of about 3 billion Swiss francs ($2.07 billion) in France.

The purchase forms part of its new strategy to spread its activities into the entire long-term savings market.