Allianz sells insurance portfolio to Foyer Group
Insurance giant Allianz has sold its Luxembourg portfolio to the Foyer Group to focus on international markets, providing its Luxembourg peer with a chance to strengthen its position in its home market.
Allianz Insurance Luxembourg, a branch of Allianz Benelux SA headquartered in Belgium, and Allianz Life Luxembourg, have transferred their portfolios to Foyer - founded 100 years ago in Luxembourg, the companies said on Monday.
Financial details of the transaction were confidential, a spokeswoman for Foyer said.
The companies have also entered "a strategic partnership for the marketing of non-life insurance contracts" for corporate accounts, they said.
Foyer is also active in several markets outside Luxembourg in insurance, benefit protection insurance and wealth management. It has 830 employees in three countries, of which 625 agents in Luxembourg. Allianz is one of the largest insurance companies in the world, with 155,000 employees globally.
The transaction is subject to approval of Luxembourg's insurance regulator, the CAA, for the life insurance activities, and of the Belgian national bank for non-life insurance activities.
Luxembourg's insurance sector employs around 4,500 people and is enjoying steady growth, Luxembourg's former Finance Minister Pierre Gramegna said in January this year. The industry saw a 5% jump in positions in 2019, when Brexit was being negotiated, the CAA said in September last year.