Zurich Financial Services (ZFS) has announced that it is to defer plans to establish new life insurance joint ventures in India
ZFS said the decision does not affect its asset management business, ...
Zurich Financial Services (ZFS) has announced that it is to defer plans to establish new life insurance joint ventures in India.
ZFS said the decision does not affect its asset management business, risk management operations and UK call centre in India.
Chief executive James Schiro said: "This decision has to be seen in light of our recently announced strategy to allocate our capital to core markets in order to generate sustained profitable growth.
"The sharpened focus requires us to implement tough decisions, but I know they are in the interest of putting Zurich back on track of sustained and profitable growth."
ZFS UK business division chief executive officer Sandy Leitch said: "Given our strategic focus, deferring entry at this point is the right decision. I have no doubt that, over the long term, India will be an important insurance market; and we will be reviewing our future entry options."
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