Zurich Financial Services Group has divested its interest in Zurich National Life Assurance Company Limited in Thailand to National Finance Public Company Limited. The sale ends the European insurer's presence in the east Asian country.
The insurance titan said the move was in line with its strategy to strengthen the group’s life insurance business by focusing on markets where it has a significant presence, such as the US and Europe.
The Zurich National Life Assurance Company Limited’s name will change to reflect the change in ownership. Terms and conditions of the transaction have not been disclosed; however, having received approval by the Bank of Thailand, the transaction was signed and closed on the same day.
Zurich National Life Assurance Company Limited recorded approximately $31 million (THB1.2 billion) of gross written premiums for the year ended December 31, 2004 on a local statutory reporting basis.