Zurich Insurance Sale of German Life Legacy Assets Won't Close As Planned
By David Sachs
Zurich Insurance Group said Tuesday that Viridium Group won't buy its legacy life insurance policy business in Germany as planned.
The Swiss insurance company had planned to sell Zurich Life Legacy to the German insurance platform since 2022. The transaction was meant to include the transfer of $20 billion in net reserves, mostly related to annuity and endowment products.
"Zurich is committed to finding a solution for this portfolio and will explore options in due course," Zurich said.
The company's financial targets nor capital management plans will be affected, Zurich said.
Write to David Sachs at david.sachs@wsj.com
Corrections & Amplifications
This article was corrected at 0941 GMT to clarify that Zurich Insurance Group said it has been informed that Viridium Group won't buy its life legacy business in Germany as planned. An earlier article incorrectly said Zurich had said the sale had been canceled.
(END) Dow Jones Newswires
January 30, 2024 02:36 ET (07:36 GMT)
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