Zurich looks to sell annuity business

The company says the development is part of its ongoing efforts to “create business value” and says it is looking into selling this sector of the company because “annuities are not core business and the book is closed”. Although no details have been released on any possible buyers or whether any offers have yet been made, the bulk annuity market has seen a number of new entrants over the past few months, which provides a number of possible contenders. In addition to Prudential and Legal & General, who have operated in the bulk annuity market for a while, insurers Aegon and AIG have both...