...FRANKFURT (S&P Global Ratings) Jan. 7, 2022--S&P Global Ratings said today that Zurich Insurance Co. Ltd.'s (ZIC; ##/Stable/A-1+) agreement to sell Zurich Investments Life SpA's Italian life and pensions back book to GamaLife (not rated) underlines ZIC's improved track record of capital allocation discipline and underpins its commitment to a robust balance sheet, strong and stable earnings, and effective risk management. In our view, the transaction is in line with our expectations that ZIC will continue to efficiently manage its traditional life back book to limit the risk of prospective capital and earnings volatility. The transaction is expected to close in the second half of 2022 and is subject to regulatory approvals. We believe that the sale of the Italian life and pension back book business will have a minimal impact on ZIC's competitive position, since the business' contribution to overall group earnings was low. On the other hand, the business was exposed to the lower-for-longer...
