Zurich sells RI business to Manulife

Zurich sells RI business to Manulife

ZURICH: Swiss insurance group Zurich Financial Services said on Tuesday that it had sold its life insurance business in Indonesia to Manulife Indonesia, as it continued to shift its focus to key markets.

The terms and conditions of the sale will not be disclosed, Zurich said in a statement.

Zurich Life Indonesia had 110,000 policy holders and generated US$7.5 million (6.6 million euros) in premiums.

The sale does not affect Zurich's non-life business in Indonesia, the group said.

The Swiss insurance group has been selling non-core businesses since it shifted strategy following a record loss of $3.4 billion in 2002.

Last month Zurich announced a return to profit for the first half of 2003, reporting a $701-million net profit for the period. -- AFP