Zurich Financial Services Group announced that it has signed an agreement to divest all Life Insurance policies written by its Taiwanese branch, including the related assets and liabilities, to Far Glory Life Insurance Company.
“This step is in line with Zurich’s strategy to sharpen the focus of the Group’s Life Insurance business,” said the announcement. “The transaction is expected to close before the end of 2004. The parties agreed to keep the value of the transaction confidential.”
Zurich said it “remains committed to its General Insurance operation in Taiwan, which is not affected by this transaction.”
For the first quarter of 2004, Zurich Taiwan Life reported gross written premiums, on a local basis, of NTD 2.19 billion (approximately $65.6 million).