Allianz and Monument Re have completed the sale of part of Allianz's closed life book portfolio in Belgium to MONUMENT Assurance Belgium (MAB).

The transaction has been approved by the Belgian regulator with effective date April 1, 2021 and follows the announcement released in August 2020.

The transaction includes a portfolio of 95,000 policies with technical provisions of EUR 1.4 billion under Solvency II, wrote XPRIMM in August 2020.

"With the completion of the transaction, both Allianz Benelux and MAB will now focus on ensuring a seamless transfer for clients and broker partners involved. Therefore, Allianz continues to service the portfolio throughout 2021 and into 2022", as the German insurer informed in a statement.