Zurich Financial Services expects proceeds of around $700m (£492.6m) after concluding previously announced deals with Deutsche Bank today.
Zurich Financial Services (ZFS) said it expected proceeds of around $700m (£492.6m) and a "substantial" after-tax capital gain from previously announced deals with Deutsche Bank, which were signed as definitive agreements today.
ZFS is to acquire 75.9% of Deutscher Herold and 100% of Deutsche Bank's life insurance operations in Italy, Spain and Portugal.
Deutsche Bank is to take 100% control of asset manager Zurich Scudder Investments, excluding Threadneedle which is valued at $2.5bn (£1.8bn).
ZFS, together with Deutscher Herold, will be the exclusive provider of insurance products to Deutsche's retail and private banking customers in Germany. It will also be the preferred provider elsewhere in Europe.
Deutsche will be Zurich's preferred provider of asset management products in continental Europe.
Also, Zurich is to acquire 100% of financial services distributor Bonnfinanz from Deutsche while ceding its asset management businesses in Germany and Italy to the German banking group.
The transactions are expected to be concluded in the first half of 2002, pending regulatory approval.
