logo
  

Zurich Insurance To Sell Its Legacy Traditional Life Insurance Back Book In Germany To Viridium

Zurich Insurance Group (ZURVY) has agreed to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG. The deal includes the transfer of $20 billion of net reserves, mainly related to annuity and endowment products underwritten more than five years ago.

Zurich Insurance noted that, on completion of the divestment, its Swiss Solvency Test ratio is expected to increase by approximately 8 percentage points.

"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," said CFO George Quinn.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Delta Air Lines is set to resume flights on its routes between the U.S. and Japan from October 30, 2002 in anticipation of easing of COVID-19-related travel restrictions, which were put in place two years ago. The airline joins American Airlines and United Airlines, who have reportedly announced the resumption of flights to Japan. Tech major Apple Inc. has asked corporate employees to return to offices at least three days a week by September 5, Bloomberg reported. The latest deadline was issued following several delays to its previous deadlines amid a resurgence in COVID-19 cases. As per the report, the company will require employees to work from offices on Tuesdays, Thursdays and a regular third day to be determined by... Retail giant Walmart reported Tuesday a net profit for the second quarter that grew 20.4 percent from last year, reflecting lower operating expenses and partially inflation driven revenue growth. The results were also driven by the rebound in international markets. Quarterly revenues topped analysts' expectations. The retailer also raised its adjusted earnings guidance for the full-year 2023.
Follow RTT