Associated with the transaction are technical provisions of around 2.1 billion euros.
(Photo: Reuters)
Munich Allianz is selling another old portfolio of life insurance policies. More than 20,000 policies that were sold exclusively through the French Banque Postale between 2009 and 2019 will be transferred to CNP Assurances, as the Munich insurer announced on Tuesday.
The CNP has been part of the Banque Postale since last year and now wants to distinguish itself as the sole insurer of the financial group. The capital life policies, including 60 percent unit-linked life insurance, had been sold to private customers under the names “Excelis” and “Satinium”. Associated with this are technical provisions of around 2.1 billion euros.
In view of the persistently low interest rates, Allianz is in the process of disposing of life insurance portfolios in several countries or of hedging the risks from them. “We welcome the completion of this transaction, which is fully in line with our strategy of simplifying our business model,” said Allianz France CEO Fabian Wathlé.
More: Allianz invests billions in logistics real estate.
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