Life insurance and reinsurance holding company, Monument Re, through its Belgian subsidiary Monument Assurance Belgium (MAB) has completed the acquisition of a run-off life insurance portfolio with BEGAAP provisions of €2.6 billion from AXA Belgium.
The acquisition was completed following regulatory approval from the National Bank of Belgium.
Talks of the transaction were first announced in December 2021.
MAB is a Belgian life assurance company regulated by the National Bank of Belgium.
At the same time, MAB is also a member of the Monument Re Group and has established itself as the leading consolidator of life insurance and pension portfolios in Belgium.
Meanwhile, Monument Re recently announced that AME Life Lux S.A. will merge into its subsidiary, Monument Assurance Luxembourg S.A. following receipt of regulatory approval from the Commissariat aux Assurances.
Also, earlier in the year, Monument Re agreed to acquire the closed book portfolio of Zurich International Life Limited’s Singapore long term life insurance business.