“We remain committed to our General Insurance and Global Life businesses in Hong Kong, and our General Insurance business in Singapore,” the company said in a statement.
Zurich issued the statement in response to a report from Reuters which had said the company was exploring a sale of its Hong Kong and Singapore operations quoting unnamed sources familiar with the matter.
“We would like to clarify that Zurich has no intention of exiting the Hong Kong or Singapore markets,” it said in response to that article and subsequent market rumours.
“Zurich retains its position as a top two general insurer in Hong Kong, and one of the top five general insurers in Singapore.”
New start
The strong denial would appear to confirm that the Hong Kong and Singapore businesses have survived the company’s internal restructuring programme as it comes just 10-days before new chief executive, Mario Greco, officially takes the reins.
Switzerland’s biggest insurer lost its former chief executive, Martin Senn, after profits slumped in 2015 when its general insurance was hit hard by the explosions at the port of Tianjin in China.
As part of the review of operations it began last year, the company announced in December that its International Life unit would stop writing new business in Singapore and that it planned to effectively exit the general insurance business in the Middle East.
