Zurich Insurance to sell its life business in Germany

Zurich Insurance has sold its life activities in Germany to Viridium, a German portfolio management expert.

The transaction involves the transfer of 20 billion USD of net reserves, primarily related to former annuity products.

The sale is expected to increase the Swiss insurer's solvency ratio by eight points.

The transaction, which is pending the approval of the relevant authorities, allows Zurich Insurance to reduce the capitalization of its life portfolio and its exposure to interest rates.

The amount and closing date of the transaction have not been disclosed.