Informa Insurance News 24
ZURICH SELLS PHILIPPINE OPERATIONS TO STANDARD AND MANULIFE
Switzerland-based insurer
Zurich Financial Services has agreed to sell its Philippine non-life unit, Zurich General Insurance Philippines, to Standard Insurance Co, Manila.
Standard Insurance will serve Zurich’s international programme business’ corporate customers in the Philippines. Zurich has
also agreed to sell the insurance portfolio of Zurich Life Philippines to Canada-based ManuLife. The two transactions are
subject to local regulatory approval. Zurich said that the decision to exit these businesses was in line with its strategy
to allocate capital to core markets “in order to generate sustained profitable growth”. Last year Zurich General Insurance
Philippines and Zurich Life Philippines generated $16.5m in gross written premiums.