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Zurich’s sale of German life insurance book falls through

Written by Adam Cadle
30/01/2024

Zurich has been informed that Viridium Group will not complete the purchase of Zurich Life Legacy in Germany as planned.

Zurich first agreed to sell its legacy traditional life insurance back book in Germany in 2022. Speaking at the time, Zurich CFO, George Quinn, said: “This is, perhaps, the most important step in our efforts to reduce the capital intensity of Zurich’s legacy life portfolios and to lower our exposure to interest rates. As indicated at last year’s investor day, the priorities for capital released by disposals are the elimination of earnings dilution as well as supporting growth.”

Zurich said it is committed to finding a solution for this portfolio and will explore options in due course.

The latest news has no effect on Zurich’s targets or capital management plans.


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