Thursday, November 12, 2009

Zurich Financial insurance arm eyes growth in Asia

life insurance

Zurich Financial Services AG (ZURN.VX) said on Friday that its life insurance division aims to triple contributions from Asia to more than 20 percent of total revenue in three to five years through organic growth.

The division generated about 7-8 percent of revenue from Asia, David Sims, chief executive of Zurich's Golbal Life Emerging Markets told a news conference.

Europe's fourth-largest insurer by market value hoped to expand into Indonesia's life insurance market, but saw no urgency to enter India because of changing regulations there, said Mario Greco, chief executive of Global Life Insurance.

Zurich Financial held a 20 percent stake in New China Life and had no plans to set up a joint venture or invest in other companies in China, Greco said.

He added that the company would expand its life insurance businesses in Malaysia, Singapore and Taiwan mainly by organic growth.

"Acquisition is complicated and still expensive. In mature markets where they are not growing we have to grow through acquisition, but it is not the case in Asia, where everywhere is growing fast," Greco said.