(Bloomberg) — Zurich Insurance Group AG would rather invest the company's $3 billion in excess capital on acquisitions than return the cash directly to shareholders, Chief Financial Officer George Quinn said in an interview on Thursday.
"Obviously we would like to invest in the future of the firm," Quinn said. "That would influence our ability to grow, generate higher earnings and those would eventually lead to higher dividends. It's always the preference to keep the money in the business and shareholders would have that preference too."
Zurich's September decision to drop a bid for U.K. competitor RSA Insurance Group Plc left the company with the surplus cash, prompting speculation on how the company will use it. The insurer expects to provide more details in February, it said in an earnings report on Thursday.
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