Zurich sells legacy Italian life and pensions business to European platform

Mark Battersby
clock • 2 min read

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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