Zurich Insurance sells life insurance business in Italy to GamaLife

The Swiss insurer Zurich Insurance will sell life insurance and pensions activities in Italy to the Portuguese group GamaLife, it announced on Monday, without disclosing the amount of the transaction.

This sale will enable it to improve the use of its capital in its life insurance portfolio, the Swiss insurer said in a press release, specifying that the sums that the group must set aside according to Swiss solvency rules will decrease. approximately 1.2 billion dollars (1 billion euros).

It will also reduce its exposure to credit risk, he said. It should also increase the group’s liquidity by around 200 million dollars. The transaction, subject to regulatory approval, should be finalized during the second half of the year.

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