Wesfarmers Might Be Selling Its Insurance Business To Zurich: Report

Richard Goyder (R), CEO Wesfarmers answers questions from the press as Rick Allert, Chairman of Coles Myer looks on during the announcement of Wesfarmers takeover bid July 2, 2007 in Melbourne, Australia. Photo: Getty

The AFR is reporting Wesfarmers is in the final stages of talks to sell its insurance business to Zurich.

The report says its insurance arm is worth around $2 billion, and only made about 5% of its earnings.

Both Zurich — which is based in Switzerland — and Wesfarmers have struggled to gain traction in the Australian insurance market.

They compete against bigger rivals QBE Insurance Group, Insurance Australia Group, Suncorp and Allianz.

There’s more here.

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