LONDON, Nov 29 (Reuters) - Swiss insurer Baloise (BALN.S) is in talks to sell around 1 billion euros ($1.1 billion) of life insurance policies in Belgium, two people familiar with the matter told Reuters.
The efforts come as other traditional insurers sell non-core portfolios with a view to freeing up capital held against those liabilities.
In 2020, the Swiss group purchased the non-life insurance operations of Apollo-backed Athora.
Baloise saw premiums in its non-life insurance business grow by close to 6% in the first nine months of the year to 3.4 billion Swiss francs ($3.9 billion) globally.
However, life insurance premiums dropped more than 4% to 2.9 billion francs during the same period, according to its latest earnings release.
Persons:
Baloise, Pablo Mayo, Paul Arnold, Anousha Sakoui, Mark Potter
Organizations:
Baloise, Reuters, The, ING Groep, ING, Aegon, Royal London, Swiss, Apollo, Fidea, Pablo Mayo Cerqueiro, Thomson
Locations:
Belgium, The Basel, London, Zurich