Allianz completes sale of Belgian life portfolio to Monument Re

Allianz has completed the sale of parts of its closed life book portfolio in Belgium to Monument Re, following approval from the Belgian regulator.

Allianz will continue serving the portfolio of around 90,000 policies that it has sold to Monument Assurance Belgium (MAB) until 2022, to ensure a seamless transfer for its clients and broker partners. The policies were part of Allianz’s closed classical life retail insurance book.

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 percent.

Kathleen Van den Eynde, chief executive officer of Allianz Belgium, called the deal “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 and casualty business.”

Koen Depaemelaere, chief executive of MAB, said: “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.”

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