Zurich Insurance to Acquire MetLife Unit in $3.94 Billion Deal
By Giulia Petroni
Zurich Insurance Group AG's subsidiary Farmers Group, Inc. has
agreed to acquire MetLife Inc.'s property-and-casualty business in
the U.S. with the Farmers Exchanges for $3.94 billion.
The Swiss insurance company said Friday that it will contribute
$2.43 billion, while the Farmers Exchanges will contribute $1.51
billion. The purchase price is subject to adjustments, it said.
Zurich Insurance said the acquisition is expected to contribute
to its earnings from the first full year after completion and
generate a return on investment of around 10% from 2023.
The transaction, which is subject to regulatory approvals, is
expected to occur in the second quarter of 2021.
Write to Giulia Petroni at email@example.com
(END) Dow Jones Newswires
December 11, 2020 01:18 ET (06:18 GMT)
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