Zurich Insurance Group, through its Zurich Investments Life unit, has concluded the sale of its life and pensions back book back to Portuguese insurer GamaLife.

The deal, which was announced in January this year, improves the group’s Swiss Solvency Test (SST) ratio by 8 percentage points on a pro forma basis from the reported 252% at the end of September this year.

At the time of the deal’s announcement, it was said that the deal will involve the transfer of about $9.5bn in net reserves to GamaLife and boost Zurich’s liquidity by nearly $200m.

The sale of the business, which includes traditional as well as unit-linked policies, is also said to lower Zurich’s exposure to interest rates and credit risks and release around $1.2bn of capital. 

Contractual obligations toward distributors as well as policyholders remain unchanged, with Zurich continuing to provide protection and unit-linked solutions in Italy.

A multi-line insurance firm, Zurich has a presence in over 210 countries and territories and a workforce of around 56,000.

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This year in August, Zurich Australia concluded the transfer and integration of OnePath Life’s life insurance business.

In June 2022, Zurich struck a deal to offload its German life insurance back book portfolio to Viridium.

Earlier this year, Zurich unveiled plans to divest its Russian operations to 11 members of the local team, in the wake of Russia’s invasion of Ukraine.