Generali Group and Swiss Life Global Solutions in February 2026 announced they had entered into a long-term commercial partnership under which Generali Employee Benefits (GEB) will acquire Swiss Life Network, subject to regulatory approvals. The transaction will combine the two groups’ global employee benefits networks, creating the largest platform worldwide in terms of geographical reach and premium volume.
Once completed, the combined network will manage more than €3 billion in employee benefits premiums, operate across 130+ countries, and rely on close to 200 local network partners. Generali aims to position the platform as the new global reference point for multinational employee benefits, with a focus on scale, technical capabilities, and innovation.
The transaction brings together the complementary strengths of Generali Employee Benefits network and Swiss Life Network, spanning protection and pension benefits, multinational pooling, and reinsurance-to-captive solutions. The combined offering targets multinational corporations as well as international SMEs, with increased optionality in network design and financing structures.
Governance and leadership
The combined network will be led by Ludovic Bayard, CEO of Generali Employee Benefits. The commercial function will be jointly overseen by Frederik Van Den Eede, Chief Commercial Officer of GEB, and Michael Hansen, CEO of Swiss Life Network, to ensure continuity for clients and partners during the transition. Swiss Life Network employees are expected to join GEB following closing.
The enlarged platform will sit within Generali Care, Generali’s global B2B2C/E partnerships business.
Strategic positioning
From a market perspective, the transaction reinforces several structural trends in global employee benefits:
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increasing scale requirements to serve multinational clients consistently across jurisdictions,
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demand for broader choice in pooling and captive-related solutions,
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rising expectations around digital services, data analytics, and employee well-being platforms.
The combined network will offer multiple multinational pooling models, captive reinsurance solutions, and enhanced digital capabilities covering analytics, benchmarking, and health and well-being services.
Following a transitional period, the platform is expected to adopt a new brand, to be unveiled after closing, which is targeted for the first half of 2026, subject to customary regulatory approvals.
Why it matters
This move significantly reshapes the competitive landscape of global employee benefits networks. After the demise of AIG’s network in mid-2020 [1], the number of active networks is now down to six, or seven if adding regional network AIA. By combining two established platforms, Generali is setting a new benchmark in scale and customer choices at a time when multinational employers are reassessing the governance, financing, and strategic role of employee benefits worldwide.
What the Leaders Say
Ludovic Bayard, CEO of Generali Employee Benefits: “The new platform marks a major milestone in strengthening Generali’s employee benefits business. By combining our well-established network with Swiss Life Global Solutions’ expertise and excellent partner relationships, Generali becomes the go-to partner for international corporations and their employees worldwide. We are excited to welcome the team and to work with Swiss Life Global Solutions Partners. Together, we will deliver best in class protection and pension solutions, enhanced by advanced digital services that promote employee wellbeing and drive sustainable business performance”.
Antoine Parisi, Group CEO of Generali Care: “This strategic step to strengthen and scale our employee benefits business, establishing the new global leader in this space, underscores Generali’s commitment to accelerating our B2B2C/E Care business growth with a clear focus on excellence in protection and health. It is fully in line with the ambitions of our “Lifetime Partner 27: Driving Excellence” plan and our commitment to delivering best-in-class Care solutions and innovation for multinational clients worldwide.”
Theo Iaponas, CEO of Swiss Life International: “By contributing our expertise and excellent partner and client relationships to the well-established network and reinsurance and captive business capabilities of Generali, this creates a unique value proposition as a ‘Network of Choice’ for multinational clients”.
Michael Hansen, CEO of Swiss Life Network: “By uniting the best captive and most flexible pooling solutions we will provide our network partners and clients with a true one-stop-shop experience, bringing together fresh perspectives and ideas through a diverse and inclusive global team a further strengthened network offering”.
Download
The press release can be downloaded here : GEB – Swiss Life Network 10-Feb-2025 Press Release [2]
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