Allianz Benelux in Belgium reported it will transfer a closed book of life retail insurance business together with 4.500 mortgage loans to Monument Assurance Belgium (MAB) within 18 months after regulatory approvals.
The transaction includes a portfolio of 95.000 policies with technical provisions of 1.4 billion euros under Solvency II.
Allianz stopped writing new business for this portfolio in the early 2000s and says the classic life Assubel contracts that were underwritten prior to 1988 are out of scope.
Under the agreement, all related assets and liabilities of the respective portfolio will be transferred to MAB, with protection of the policyholder rights.
MAB specializes in acquiring and managing classical life portfolios in Europe, primarily those in run-off. Through the transaction, its fifth in the Belgian market, Monument will substantially increase the scale of its operations in Belgium, the announcement said.
Kathleen Van den Eynde, CEO Belgium of Allianz Benelux, said the sale “creates leverage to grow” and supports the Allianz strategy in Belgium to actively manage its insurance portfolio towards modern life insurance products. She said Allianz remains committed to the Belgian market, focusing on open books in life, health, employee benefits and property/casualty. The market share of Allianz in the country will remain unchanged at around 6 percent.
Allianz said its employees will not be affected by the transaction.
Photo credit: Allianz.com
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