Zurich Insurance Group (Zurich) today announced that its subsidiary Zurich Investments Life S.p.A. has completed the sale of its life and pensions back book, composed of both traditional and unit-linked policies, to the Portuguese insurance company GamaLife - Companhia de Seguros de Vida, S.A. (GamaLife).

The transaction does not change contractual obligations toward policyholders and distributors. Zurich will continue to offer innovative protection and unit-linked solutions to customers in Italy.

The transaction results in an uplift of 8 percentage points to the Group's Swiss Solvency Test (SST) ratio on a pro forma basis from the reported 252%1 as of September 30, 2022.

1 Estimated Swiss Solvency Test (SST) ratio, calculated based on the Group's internal model approved by the Swiss Financial Market Supervisory Authority FINMA.

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