Zurich’s life insurance book sale deal is off

In 2022, Zurich announced an agreement to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG, a specialist in the management of life insurance portfolios in Germany.

The deal included the transfer of $20 billion of net reserves, mainly related to annuity and endowment products underwritten more than five years ago.

The insurer has now been informed by Viridium that the deal will not be completed as planned due to considerations relating to the group’s current ownership structure.

Zurich is committed to finding a solution for this portfolio and will explore other options.