Zurich Insurance Group (Zurich) 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.
