June 6, 2018 / 8:06 AM / a year ago

Zurich Insurance CFO says big mergers disrupt business: CNBC

FILE PHOTO: Chief Finanacial Officer George Quinn of Zurich Insurance attends the annual news conference in Zurich, Switzerland February 11, 2016. Reuters/Arnd Wiegmann

ZURICH (Reuters) - Zurich Insurance Group (ZURN.S) will focus on operational improvements and bolt-on acquisitions, its finance chief said on Wednesday, adding mega-mergers disrupt business and rarely provide value to investors.

“I think the challenge for insurance companies is that our business is typically quite local, and I think if you do these large, global merger transactions you disrupt at least one, maybe two different businesses and it is hard to get the full value from them,” George Quinn told CNBC in an interview.

His remarks come amid persistent speculation that Zurich and German peer Allianz (ALVG.DE) could be interested in a tie-up, although Zurich CEO Mario Greco last week said he wanted only targeted acquisitions and saw no need for sweeping insurance sector consolidation in Europe.

Reporting by Silke Koltrowitz, Editing by Michael Shields

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