Global insurer Zurich Insurance Group announced this morning that it is freeing up roughly US $1.2 billion of capital through the sale of its legacy Italian life and pensions book of policies.
Zurich said that its subsidiary Zurich Investments Life S.p.A. is selling its life and pension back book, which includes both traditional and unit-linked policies, to the Portuguese insurance company GamaLife – Companhia de Seguros de Vida, S.A.
As well as freeing up around US $1.2 billion of capital, the disposal of these legacy Italian policies is expected to add 11 percentage points to Zurich’s Swiss Solvency Test ratio.
