By David Sachs


Zurich Insurance Group said Tuesday that Viridium Group won't buy its legacy life insurance policy business in Germany as planned.

The Swiss insurance company had planned to sell Zurich Life Legacy to the German insurance platform since 2022. The transaction was meant to include the transfer of $20 billion in net reserves, mostly related to annuity and endowment products.

"Zurich is committed to finding a solution for this portfolio and will explore options in due course," Zurich said.

The company's financial targets nor capital management plans will be affected, Zurich said.


Write to David Sachs at david.sachs@wsj.com


(END) Dow Jones Newswires

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