ZURICH Financial Services (ZFS) is selling its investment management arm, Zurich Scudder Investments, in a deal worth $2bn (£1.4bn).
The sale to Deutsche Bank of its 80% stake will equip it with about half the cash necessary for a planned spending spree in more life insurance operations.
The remaining half is expected to be raised next week from an initial public offering of Converium, its former reinsurance operation previously known as Zurich Re.
The proceeds are to be reinvested in, among other things, buying Deutsche Bank's life insurance operations in Italy, Spain and Portugal.
These have been valued at a total of Euros 1.5bn (£940m).
ZFS outlined its strategy in September.
