Zurich completes sale of Italian life and pensions back book to GamaLife

Written by Adam Cadle

02/12/2022

Zurich's subsidiary, Zurich Investments Life S.p.A., has completed the sale of its life and pensions back book, composed of both traditional and unit-linked policies, to the Portuguese insurance company GamaLife – Companhia de Seguros de Vida, S.A. (GamaLife).

The transaction does not change contractual obligations toward policyholders and distributors. Zurich will continue to offer protection and unit-linked solutions to customers in Italy.

The transaction results in an uplift of eight percentage points to the group’s Swiss Solvency Test (SST) ratio on a pro forma basis from the reported 252% as of 30 September 2022.

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