Zurich Insurance Group AG (SWX:ZURN) is looking to offload an Italian portfolio of life insurance policies with an equity value of around EUR 200 million ($243 million), two people close to the matter said. The process, which targets specialized investors, often backed by private equity, or reinsurance firms, follows similar deals in the industry where negative interest rates have been weighing on companies’ life businesses. UBS is working with Zurich on the sale of the Italian life policies, the two sources told Reuters. UBS declined to comment. Zurich is also looking to sell its German life back book business, several sources told Reuters. Splitting the two operations will require time. “We don’t comment on rumours or market speculation,” a Zurich spokesperson said in an email to Reuters.