--AXA and Zurich Insurance Group want to sell legacy life-insurance portfolios with high-interest obligations, Handelsblatt reports, citing unnamed sources.

--Zurich is offering up to 800,000 policies with a face value of around EUR20 billion, while AXA has a portfolio with a nominal volume of around EUR15 billion on offer. Both could be valued at an equity value of up to EUR500 million if sold, Handelsblatt says, citing a source.

--A sale would allow the insurers to streamline their balance sheets and reduce the complexity of operations, according to Handelsblatt.

Full story: https://bit.ly/3qPwK2a

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

March 31, 2022 09:03 ET (13:03 GMT)

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