Zurich Insurance to Sell Italian Life and Pension Back Book to GamaLife
January 03 2022 - 2:12AM
Dow Jones News
By Olivia Bugault
Zurich Insurance Group AG said Monday that its subsidiary Zurich
Investments Life SpA has agreed to sell its Italian life and
pension back book to GamaLife in a deal that should release roughly
$1.2 billion of capital.
The sale to Portuguese insurer Companhia de Seguros de Vida, SA,
also known as GamaLife, should add about 11 percentage points to
the Swiss Solvency Test ratio, which would then be at 214% on a pro
forma basis, Zurich said. It should also increase liquidity by
about $200 million, it said.
"The transaction will see approximately $9.5 billion of net
reserves transferred to GamaLife," it said.
The deal is expected to close during the second half of the
year, the company said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
January 03, 2022 01:57 ET (06:57 GMT)
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