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.