Credit Suisse Life & Pensions AG - the company's European life and pensions business - has been sold to Octium Group for an undisclosed amount.

Octium Group said in a statement that it has agreed to acquire Credit Suisse Life & Pensions AG, a Credit Suisse subsidiary that focuses primarily on German and Italian insurance clients with offices in Vaduz and Milan.

The deal, subject to regulatory approval, will see Octium strengthening its European footprint, having previously having acquired and integrated UBS International Life DAC in 2017.

Group Chairman, Jean-Francois Willems, believes that the acquisition represents "a further step towards the implementation of our growth strategy, positioning Octium in the life insurance market across the entire European Economic Area.

"It is highly complementary to both our existing business, from an operational, product and distribution perspective, and future business development plan," he said.

Octium Group CEO, Dara Hurley, said: "Within the last few years, the two largest Swiss Banks viewed Octium as such a trusted partner, that they were prepared to transfer their own in-house entities and for Octium to take over the care of their clients life Insurance requirements".

Octium has approximately EUR 4.5bn in assets under management with group headquarters located in Luxembourg, the insurance company "Octium Life DAC" in Ireland and the insurance intermediary "Octium International Insurance Agent AG" in Liechtenstein and Switzerland

Group Head of Sales and Business Development, Francesco Camerlingo, pointed that the acquisition is a "great opportunity" from a business development perspective as the company bids to leverage on the insurance carrier in Liechtenstein to access new markets and develop new products and solutions.