Zurich Financial Services Australia has also had to brush off media speculation. This time business website Bloomberg.com reported leading health insurer MBF Australia wanting to buy Zurich’s life insurance business.

The life business “is definitely not for sale”, says Zurich spokesman Rob White.

Bloomberg reported yesterday that MBF MD Eric Dodd – former CEO of NRMA Insurance – is interested in buying Zurich’s life business and could spend “between $600 million and $1 billion”.

It said Mr Dodd had commented that the business “would be of interest if they were to exit the market”.

Mr White told Sunrise Exchange News the group isn’t in negotiation with MBF, and the life business “is a key part of our operations; it’s definitely not for sale”.