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ZFS selling U.S. life unit

Michael Prince

May 30, 2003 Reprints

European Union P/C Insurers Zurich Asia-Pacific & Australasia Bermuda Canada China Latin America United Kingdom More + Less -

SCHAUMBURG, Ill.--As part of its efforts to focus on nonlife business, Zurich Financial Services Group is selling its U.S. life insurance unit, Zurich Life, to Bank One Corp.

Under the deal, Bank One will pay $500 million in cash for the Schaumburg, Ill.-based life operation. ZFS will retain its Kemper Investors Life Insurance Co. unit.

"The sale of Zurich Life is consistent with our decisions to reallocate capital to nonlife businesses that can deliver well in excess of" earnings targets, ZFS Chief Executive Officer James J. Schiro said in a statement. "With this transaction, Zurich is on track towards meeting its goal of generating $1 billion in risk-based capital through divestments."

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ZFS selling U.S. life unit

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