Zurich Insurance Group (Zurich) said on 1 December that its subsidiary Zurich Investments Life S.p.A. had 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).
In the statement it said the transaction does not change contractual obligations toward policyholders and distributors and that Zurich would continue to offer innovative protection and unit-linked solutions to customers in Italy.
The transaction resulted in an uplift of 8% to the Group's Swiss Solvency Test (SST) ratio on a pro forma basis from the reported 252% as of September 30, 2022.
The estimated SST ratio was calculated based on the Group's internal model approved by the Swiss Financial Market Supervisory Authority FINMA.
