Dec. 12 (Bloomberg) -- Zurich Financial Services AG, Switzerland’s biggest insurer, said the contribution of new business from emerging markets is set to exceed its target and increase to about 50 percent of the life insurance total by 2013.
The Zurich-based company said last year it aims to boost the contribution of new business from Asia, the Middle East and Latin America to 30 percent of the life insurance total by 2013, Chief Executive Officer Martin Senn said at a press briefing in Singapore today.
The contribution from emerging markets currently stands at 26 percent and doesn’t include the recent acquisition of businesses in Latin America and Malaysia, he said. Zurich Financial bought 51 percent of Banco Santander SA’s Latin America insurance business for $2.1 billion and Malaysian Assurance Alliance Bhd. this year.
--Editors: Tomoko Yamazaki, Linus Chua
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