P&V will acquire all of Zurich Life"s operations in Belgium and the consumer and commercial life segments in Luxembourg.
These agreements also include the sale of Zurich"s non-life operations in the consumer and small commercial segments in Belgium and Luxembourg. The deal is subject to regulatory approval and the transaction is expected to close in the first quarter of 2004. P&V is a Belgian life and non-life insurer with total gross written premiums of around e366m in 2002.
Zurich has decided to concentrate its activities in Belgium and Luxembourg in the corporate segment, operating the non-life large commercial and corporate businesses through its business unit, Continental Europe Corporate, and the international group life business through Zurich International Solutions.
Axel Lehmann, chief executive officer of the Continental Europe Business Division, said: "The re-focusing of activities in Belgium and Luxembourg is in line with our strategy to exit peripheral businesses and to focus on key markets and core activities with a high potential to generate sustained profitable growth."
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