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Zurich completes sale of Italian life and pensions back book to GamaLife Donnerstag, 01. Dezember 2022 - 18:09

Media release, Zurich, December 01, 2022, 1 min read

Zurich completes sale of Italian life and pensions back book to GamaLife

Zurich Insurance Group (Zurich) today announced that its subsidiary Zurich Investments Life S.p.A. has completed the sale of its life and pensions back book, composed of both traditional and unit-linked policies, to the Portuguese insurance company GamaLife – Companhia de Seguros de Vida, S.A. (GamaLife).

The transaction does not change contractual obligations toward policyholders and distributors. Zurich will continue to offer innovative protection and unit-linked solutions to customers in Italy.

The transaction results in an uplift of 8 percentage points to the Group’s Swiss Solvency Test (SST) ratio on a pro forma basis from the reported 252%1 as of September 30, 2022.

1 Estimated Swiss Solvency Test (SST) ratio, calculated based on the Group’s internal model approved by the Swiss Financial Market Supervisory Authority FINMA.

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