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


(END) Dow Jones Newswires

December 11, 2020 01:18 ET (06:18 GMT)

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