Basel, 1 February 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 EUR 900 million.
As part of its active management of closed policy portfolios, Baloise is announcing the optimisation of a life insurance portfolio of its Belgian business unit by means of a reinsurance transaction with RGA International. The run-off portfolio comprises around 57,000 life insurance policies with reserves of some EUR 900 million. This equates to approximately 12 per cent 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 per cent, 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.
About Baloise
The focus is firmly on the future at Baloise. We aim to make tomorrow more straightforward, safer and more carefree for our customers, and we are taking responsibility for this today. Baloise is more than just a traditional insurance company. Through our smart finance and insurance solutions, complemented by a whole host of innovative offerings for the home and personal transport, we offer a complete service package. Dependable support, reliable cooperation and trust-based relationships are key aspects of our stakeholder interaction. We take care of financial matters so that our customers can concentrate on the important things in their lives and can find inspiration in the everyday. Baloise, a European company founded in 1863, currently employs 8,000 people at its headquarters in Basel (Switzerland) and across its subsidiaries in Belgium, Germany and Luxembourg. Our services generated a business volume of around CHF 8.8 billion in 2022. Baloise Holding Ltd shares (BALN) are listed on the SIX Swiss Exchange.
