Zurich Insurance Group (Zurich) said on 30 January it had been informed that Viridium Group will not complete the purchase of Zurich Life Legacy in Germany as planned.

Zurich is committed to finding a solution for this portfolio and will explore options in due course.

"This has no effect on Zurich’s targets or capital management plans", it said in a brief statement,

A separate statement from Viridium said the deal would not complete "due to considerations relating to Viridium's current ownership structure".