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Baloise optimises the run-off portfolio in its Belgian life business

Written by Adam Cadle
02/02/2024

Baloise is optimising a run-off life insurance portfolio in Belgium by entering into a reinsurance transaction with RGA International, a subsidiary of Reinsurance Group of America, Incorporated.

The portfolio comprises around 57,000 life insurance policies with reserves of some €900m. This equates to approximately 12% of all reserves in the Belgian life business.

The portfolio, which contains savings and pension products with an average guaranteed rate of return of 3.8%, is being secured through a reinsurance transaction in which all of the portfolio’s financial and biometric parameters are transferred to the reinsurer. Baloise in Belgium remains the point of contact for customers and partners.

The transaction represents the next step in Baloise’s strategy for the life insurance business of focusing on modern insurance products. This measure has no significant influence on profit nor on the solvency ratio of the Baloise Group.


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