Stock Groups

Zurich Insurance to sell Italian life and pensions back book to GamaLife -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: Zurich Insurance logo seen in an ex-office building in Zurich (Switzerland), November 11, 2021. REUTERS/Arnd Wiegmann/File Photo

ZURICH, Reuters – Zurich Insurance agreed to sell its Italian Life and Pensions Back Book to GamaLife insurance in Portugal. The announcement was made by the Swiss firm on Monday.

Zurich stated that the deal would release capital of approximately $1.2 billion and increase its Swiss Solvency Test rate by 11 percent. It will significantly lower its credit risk exposure, the firm said.

Zurich stated that the transaction will also increase Zurich’s liquidity by around $200 million.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for loss or damages resulting from relying on data including charts, buy/sell signals, and quotes. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]