Zurich Financial insurance arm eyes growth in Asia - News

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Zurich Financial insurance arm eyes growth in Asia

By: AFX | 12 Nov 2009 | 11:18 PM ET

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HONG KONG, Nov 13 (Reuters) - Zurich Financial Services AG 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. (Reporting by Clare Jim; Editing by Chris Lewis) ((alison.leung@thomsonreuters.com; +852 2843 6369; Reuters Messaging: alison.leung.reuters.com@reuters.net)) Keywords: ZURICHLIFE/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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