ZURICH, March 27 (Reuters) - Zurich Insurance has no plans at the moment to raise capital, a spokesman said on Monday after Italian paper Il Sole 24 Ore reported the Swiss insurance group could issue new shares worth up to 20 percent of its current market capitalisation.
"As mentioned several times since last November, Zurich's strategy will deliver earnings and dividend growth without the need to pursue M&A (mergers and acquisition) activities. We do not need M&A to deliver on our financial targets," the spokesman said in an emailed statement.
"The proposed change to the authorised and contingent capital is an overall and comprehensive proposal to provide the board with more flexibility with regard to capital raising." (Reporting by Brenna Hughes Neghaiwi; Writing by Joshua Franklin; Editing by Michael Shields)