Constellation’s Latin American subsidiary, Ohio National Seguros de Vida – Chile, has acquired Zurich Insurance Group’s $2.1 billion annuity portfolio in Chile.
Through this strategic move, previously announced in May 2023, Ohio National Seguros de Vida – Chile significantly bolstered its pensions portfolio and assets under management, reaching an impressive $3.3 billion.
This notable growth propelled the company to become the seventh largest annuity provider within the Chilean insurance market, and is now serving more than 55,000 annuitants.
Ohio National Seguros de Vida S.A., based in Santiago, has been distributing life insurance products across Chile for 30 years through a network of over 650 independent insurance professionals and managing US $3.3 billion in local assets.
It offers a range of life insurance solutions to safeguard individuals, families, and businesses across the country.
Zurich, a prominent global insurance provider operating in over 200 countries and territories, has been operating in Chile since 1991, when it acquired a majority stake in La Chilena Consolidada, a local insurance company founded in 1853.
Commenting on the deal, Anurag Chandra, Founder, Chairman and CEO of Constellation, said: “This transaction is a significant step forward in our vision to build market-leading businesses across all segments of the organization.
“With the closing of this transaction, our Latin American business now has the scale and market position to form an increasingly integral part of our diversified enterprise growth strategy.”
Constellation’s Latin America President David Azzarito, added: “By capitalizing on organic and inorganic growth opportunities, we are able to enhance our Chilean market position and ability to expand upon our 30+ year commitment in Latin America.”
