Allianz has announced it has completed the sale of part of its closed life book portfolio in Belgium.
The transaction has been approved by the Belgian regulator with effective date 1 April, 2021 and follows an announcement first released last August.
With the completion of the transaction, both Allianz Benelux and MAB will now focus on “ensuring a seamless transfer” for clients and broker partners involved. In light of this, Allianz said it will continue to service the portfolio throughout 2021 and into 2022.
The sale supports Allianz’s strategy in Belgium to actively manage its insurance portfolio towards modern life insurance products with an “attractive” value proposition for Allianz’s customers. The market share of Allianz in the country remains unchanged at around 6%.
Kathleen Van den Eynde, CEO of Allianz Belgium: “We are happy to finalize this transaction. It is an important step in successfully executing our Life strategy to move to modern capital light insurance products, mainly Branch 23.
“It solidifies our expectations for continued growth by offering innovative products and solutions to our clients, together with our brokers, in Life, Health, Employee Benefits and also in the Property & Casualty business.”
Koen Depaemelaere, CEO of Monument Assurance Belgium, added: “We are pleased to announce the completion of this transaction. We look forward to welcoming the policyholders to Monument and would like to take the opportunity to assure them of our commitment to maintaining the high quality service and security that they have enjoyed at Allianz.
“Following earlier acquisitions of four other Belgian portfolios this transaction with Allianz helps us to substantially increase scale and confirms Monument Assurance’s position as a leading consolidator in the Belgian market.”