Swiss Life and Elips Life Merger: What Changes for Your Insurance Contracts in Spain

Key data

If your company or you as an executive have an insurance policy with Swiss Life (Liechtenstein) AG in Spain, it is no longer Swiss Life managing that contract: as of June 29, 2026, Elips Life AG is the responsible entity. The merger by absorption has been approved by the FMA (Financial Market Authority of Liechtenstein) and published in the BOE on November 11, 2026 by the General Directorate of Insurance and Pension Funds, in compliance with Law 20/2015 and Royal Decree 1060/2015.

The subrogation is automatic: you do not need to sign anything for your contract to continue. But you have a legal period of 1 month to decide if you want to exit without penalty.

What does this regulation establish?

The Resolution publishes the official approval of the merger by absorption of Swiss Life (Liechtenstein) AG by Elips Life AG. Both entities operated in Spain under the freedom to provide services regime, that is, without a physical establishment in Spanish territory but with active contracts with policyholders here.

The specific effects of this merger are:

• Total subrogation: Elips Life AG assumes all contracts entered into by Swiss Life (Liechtenstein) AG in Spain. The rights and obligations of each policy are maintained, but the contractual counterparty changes.
• Right of termination: Policyholders with risks or commitments located in Spain have 1 month from publication in the BOE (that is, until approximately December 11, 2026) to terminate their contracts if they do not wish to continue with Elips Life AG.
• Guaranteed refund: In case of exercising the right of termination, the policyholder is entitled to a refund of the unconsumed portion of the premium, that is, the proportional fraction of the premium paid that corresponds to the period of coverage not enjoyed.
• Legal basis: This publication responds to the obligation of transparency and information to policyholders established in Law 20/2015 and RD 1060/2015.

Economic and operational impact

For most policyholders, the immediate impact is administrative and decision-related, not direct economic. However, there are aspects worth considering:

• Continuity without action: If you do nothing before the deadline, the contract automatically continues with Elips Life AG under the same conditions. There is no additional cost from the merger itself.
• Premium recovery if terminated: The refund of unconsumed premium can be relevant in contracts with high annual premiums (collective life-risk insurance, company health insurance, executive accident insurance). The higher the premium and the more coverage time remaining, the greater the recoverable amount.
• Risk of inaction: If the solvency and conditions of Elips Life AG are not evaluated before the deadline, the right to exit without penalty is lost. After the month, early termination would be subject to the general conditions of the policy.
• Impact on collective contracts: Companies that have collective insurance (life, health, accidents) for their employees must communicate the change of insurer to the insured and review whether Elips Life AG's conditions are equivalent.

Who does it affect?

• Companies with collective life, accident or health insurance contracted with Swiss Life (Liechtenstein) AG in Spain.
• Executives and CFOs with individual life-risk or savings policies subscribed with Swiss Life (Liechtenstein) AG under freedom to provide services.
• Insurance advisors and brokers managing portfolios with Swiss Life (Liechtenstein) AG policies for clients in Spain.
• Individual policyholders with risks or commitments located in Spanish territory under contract with Swiss Life (Liechtenstein) AG.

Practical example

A company with 50 employees has a collective life insurance policy with Swiss Life (Liechtenstein) AG, with an annual premium of €12,000, renewed on July 1, 2026. Since the merger is effective as of June 29, 2026, the contract is already in the hands of Elips Life AG.

The company has until December 11, 2026 to decide:

• Option A — Do nothing: The contract continues with Elips Life AG. Employee coverage is maintained without interruption.
• Option B — Terminate the contract: The company notifies termination before December 11, 2026. Having paid €12,000 on July 1 and with approximately 7 months of coverage remaining, the refund of unconsumed premium would be proportional to those 7 months: approximately €7,000 to recover. The company could then contract a new policy with the insurer it considers most appropriate.

The key decision is to evaluate whether Elips Life AG offers the same solvency guarantees and conditions as Swiss Life (Liechtenstein) AG before the deadline expires.

What should companies do now?

1. Identify if you have contracts with Swiss Life (Liechtenstein) AG in Spain: Review your insurance portfolio and confirm if any policy is issued by this entity under freedom to provide services.
2. Evaluate Elips Life AG before December 11, 2026: Request information about the solvency, credit rating and operational conditions of Elips Life AG to determine if it is equivalent to Swiss Life (Liechtenstein) AG.
3. Decide whether to exercise the right of termination: If you are not satisfied with the new insurer, notify the termination of the contract before the 1-month deadline (until approximately December 11, 2026). Do it in writing and with proof of receipt.
4. Claim the unconsumed premium if you terminate: In case of termination, demand the refund of the proportional portion of unconsumed premium, as guaranteed by the regulation.
5. Inform the insured in collective contracts: If you manage collective insurance for employees, communicate the change of insurer to the affected workers.
6. Consult with your insurance broker or advisor: If you have doubts about the impact on coverage or conditions, request a comparative analysis before the deadline expires.

Official source

Consult complete regulation in official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-23659