Liechtenstein, As part of its Simply Safe strategic phase, Baloise is leveraging synergies in the investment-linked life insurance business. Administrative and regulatory processes are being transferred from Baloise Life Liechtenstein AG to the Luxembourg-based centre of competence for this business. Following this portfolio transfer, Liechtenstein will have a greater focus on the sale of innovative insurance solutions in nearby European countries going forward.
The optimisation measures involve transferring the investment-linked life insurance portfolios to Baloise in Luxembourg, although some will be transferred to Switzerland. Integration of the portfolios is scheduled to take place during the first half of 2020. The portfolios of Baloise Life Liechtenstein AG are to be integrated into a new branch of Bâloise Vie Luxembourg that will be established in the Principality of Liechtenstein. This will particularly help to improve processes for financial closing, reporting and governance. Luxembourg has been Baloise’s European centre of competence for investment-linked life insurance since 2013.
Baloise will continue to have a local presence in Liechtenstein, in future focusing more on the sale of investment-linked life insurance in nearby European countries.
The general agent of Basler Versicherungen in Vaduz, which mainly operates the non-life insurance portfolio in Liechtenstein, is not affected by the portfolio transfer.
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