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The lower underwriting of both annuities and pension insurance will reduce premiums and pressure earnings of insurers with exposure.

Zurich expects the transaction to be finalized “by the end of 2018” and funded by internal sources.

The sale of Generali Colombia come as a result of Generali's strategy to move out of Latin America and Talanx's push to grow in the region.

In Colombia, life insurance remains heavily concentrated, with five companies writing nearly two-thirds of premiums in 2015.