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