FRANKFURT, Feb 12 (Reuters) - Zurich Insurance will not invest in Swiss government bonds that are currently producing negative yields, the insurer’s chief executive said on Thursday.
Swiss government bonds are showing negative yields out to a maturity of 12 years, Martin Senn told journalists at a conference on the Zurich’s 2014 results.
“In future, for our Swiss-driven businesses, we will not invest into negative bearing assets. Clearly not,” Senn said.
Zurich’s global, diversified investment portfolio gave the insurer the possibility of mitigating the impact of negative Swiss yields, he said.
Zurich has not faced any charges for its cash balances and deposits and would not consider any charges that do occur as having a material impact on the group, he added. (Reporting by Jonathan Gould; Editing by Maria Sheahan)