Zurich sells €21bn legacy life book in Germany

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Zurich sells €21bn legacy life book in Germany

Zurich Insurance Group (Zurich) has agreed to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG (Viridium), a leading specialist in the management of life insurance portfolios in Germany. Viridium said the deal comprised around 724,000 policies and €21bn in assets under management. Zurich group chief financial officer George Quinn said: "This is, perhaps, the most important step in our efforts to reduce the capital intensity of Zurich's legacy life p...