The Swiss insurer has no intention to sell businesses in Hong Kong and Singapore, it says, responding to a media report earlier this week.

A media report that Zurich Insurance is considering selling its Hong Kong and Singapore operations as it reviews non-core businesses outside Europe is wrong, the firm says.

Earlier this week, Reuters, citing unnamed sources, said the Swiss firm, which offers services including savings and investments, has examined the idea of a sale with several investment banks. The report said that Zurich had declined to comment about the matter. (To see earlier reports, click here).

However, in an emailed statement sent to WealthBriefingAsia and its sister publications, Zurich International said it remained committed to the Asia region and that reports it was considering selling the businesses were incorrect.

“Further to an article that first appeared in Reuters on Tuesday 24 February 2016 and subsequent market rumours stating that Zurich is exploring an exit from the Hong Kong and Singapore markets, we would like to clarify that Zurich has no intention of exiting the Hong Kong or Singapore markets," the firm said. 

"We remain committed to our General Insurance and Global Life businesses in Hong Kong, and our General Insurance business in Singapore. Zurich retains its position as top two general insurer in Hong Kong, and one of the top five general insurers in Singapore. We look forward to continuing to service and protect our customers from risk in these key strategic markets for Zurich in Asia-Pacific," it added.

Among recent developments, Zurich Life Insurance (Singapore), part of the same group, agreed to transfer its entire Singapore advisor network of around 160 representatives to Nexus Financial Services.

Zurich said the move came amid regulatory changes in the Singaporean life insurance market, and a proactive approach towards more transparency, wider product choice and higher advice standards was needed.