(L-R) Eric Winter, CEO of Allianz Life Luxembourg SA; Marc Lauer, Chief Executive Officer of Foyer SA; Credit: Foyer Group

Foyer SA, a leading financial player in Luxembourg announced an agreement for the transfer of the insurance portfolios currently managed by Allianz Insurance Luxembourg, a branch of Allianz Benelux SA based in Belgium and by Allianz Life Luxembourg SA.

The transfer of insurance portfolios concern:

  • The non-life insurance portfolios for individuals and companies
  • Life insurance portfolios for individuals and groups ("Employee Benefits").

This transaction is subject to the approval of the Commissariat aux Assurances for the life insurance activities and of the National Bank of Belgium for the non-life insurance activities.

Strategic partnership and development of synergies

Foyer SA and Allianz also announced an agreement aimed at creating synergies between the two groups for the future development of their non-life and life insurance business in Luxembourg.

On the one hand, they have entered into a strategic partnership for the marketing of non-life insurance contracts for SMEs and large companies’ accounts, which will enable them to capitalise on the combined expertise of the two groups. For large companies’ accounts, this partnership will be based on a collaboration with Allianz Global Corporate & Specialty, while for SMEs it will be with Allianz Benelux.

On the other hand, Foyer Vie and the Allianz Global Benefits network are exploring a cooperation model aimed at providing Allianz's international clients with the best local solutions for their Luxembourg-based business, allowing Foyer Vie to benefit from Allianz Global Benefits' internationally recognised expertise and international risk management solutions. These negotiations will be finalised in 2022.

Through the transfer of Allianz's Luxembourg portfolios, Foyer Group will strengthen its position as a leader in the local insurance market, while Allianz Luxembourg will be refocusing its strategy on its international life insurance business sold under the freedom to provide services.

Marc Lauer, Chief Executive Officer of Foyer SA, said: “Beyond a portfolio transfer, I see in the development of synergies between our two Groups a real opportunity to expand our offer for small, medium and large companies, with insurance products that are increasingly robust and adapted to their needs”.

Eric Winter, Chief Executive Officer of Allianz Life Luxembourg SA and General Manager of Allianz Insurance Luxembourg, said: “With the transfer of its activities on the local market, Allianz Luxembourg is strengthening its position as a European hub for wealth expertise. Thanks to the expertise of our teams and the financial strength of our group, we are able to offer, under the freedom to provide services, tailor-made, long-term solutions to our HNWI and UHNWI clients”.