Zurich Life Insurance debunks report of potential Singapore exit

It won’t divest its Asian business.

Zurich Life Insurance will not exit its operations in Singapore and Hong Kong despite mounting losses.

The group issued a statements following reports that it was exploring a sale of its Singapore and Hong Kong businesses as part of a review of its non-core operations in Europe.
“We remain committed to our General Insurance and Global Life businesses in Hong Kong, and our General Insurance business in Singapore,” the group said in a statement.

“Zurich retains its position as top two general insurer in Hong Kong, and one of the top five general insurers in Singapore. We look forward to continuing to service and protect our customers from risk in these key strategic markets for Zurich in Asia Pacific,” the statement added.

The group sustained outsized losses following blasts in Tianjin, where it chalked up US$275m in loses. This has prompted a review of the group’s operations in a bid to streamline its business.