Zurich Insurance Group said today (4 January) that its subsidiary Zurich Investments Life S.p.A. has agreed to sell its life and pension back book, composed of both traditional and unit-linked policies, to the Portuguese insurance company Companhia de Seguros de Vida (GamaLife). The sale will see approximately $9.5bn of net reserves transferred to GamaLife with completion expected in the second half of this year, subject to regulatory approvals. Zurich group chief financial officer George Quinn said: "The sale demonstrates our commitment to improve capital utilization across our life ...
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