Switzerland-headquartered Zurich Insurance Group is reportedly mulling the sale of certain books of business in Italy and Germany.

According to Reuters sources, the insurer is working with investment bank UBS to peddle a €200 million portfolio of life insurance policies in Italy to specialised investors. The news agency said UBS declined to comment on the supposed divestment plan.

Meanwhile, the same report pointed to the possibility of Zurich offloading a life back book in another European market, Germany. No equity value approximation, however, was provided.

Meanwhile a Zurich spokesperson told Reuters: “We don’t comment on rumours or market speculation.”