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January 24, 2014 at 11:20 AM
(Bloomberg) — Zurich Insurance Group AG, the biggest Swiss insurer, is seeking more agreements to sell life insurance via banks to help expand in emerging markets.
“We will keep looking at new distribution deals, particularly in the geographies that we’re excited about” including Malaysia, Indonesia, Mexico and Brazil, Kristof Terryn, CEO of Zurich Insurance’s global life unit, said in an interview in Davos. “If we have the opportunity to expand bank distribution there through distribution or joint venture, we will definitely look at it.”
Terryn, named CEO of global life after Kevin Hogan resigned in August to join American International Group Inc., has a brief to boost cash and operating profit in the coming three years, while saving costs and exiting underperforming businesses. Global life was the only unit within the group that hit its targets last year.
