Swiss Life on Tuesday said it will take over the workers pension business of Nationale Suisse and enter into a distribution agreement with the Swiss insurer to extend its position in this market.

Swiss Life declined to specify the size of the deal but said the acquisition of National Suisse's portfolio of around 23,000 insured persons from 3,100 firms will be paid in cash and add approximately 223m Swiss francs ($233m) in annual premiums.