Zurich Insurance Group announced that it has been informed that Viridium Group will not complete the purchase of Zurich Life Legacy in Germany as planned.

According to the Swiss insurer, “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”.

In Summer 2022, Zurich agreed to sell its legacy traditional life insurance back book in Germany to Viridium, a leading specialist in the management of life insurance portfolios in Germany.

"This is, perhaps, the most important step in our efforts to reduce the capital intensity of Zurich's legacy life portfolios and to lower our exposure to interest rates. As indicated at last year's investor day, the priorities for capital released by disposals are the elimination of earnings dilution as well as supporting growth," said at that time, George Quinn, Group CFO.