2023-05-04 09:59:16
Dhe customers of the Generali Deutschland Pensionskasse will in future be served by the Frankfurter Leben Group. According to the company, it is acquiring around 150,000 pension fund contracts from the insurance group Generali Germany. Nothing will change for the customers. The contracts would continue unchanged. Frankfurter Leben, based in Bad Homburg, has specialized in taking over portfolios from other insurers and continuing to manage them.
According to Generali, the transaction is expected to be completed by the end of 2023, subject to the approval of the financial regulator Bafin and the German antitrust authorities. “With this transaction, we are continuing on the path we have taken of consistently aligning our life insurance portfolio to products with less capital commitment and protecting it against volatile market conditions,” said Stefan Lehmann, CEO of Generali Germany, according to a statement on Thursday in Munich.
According to the information provided, this is the fifth takeover of an insurance portfolio in the German life insurance market for the Frankfurter Leben Group. In the years of low interest rates, life insurers and pension funds found it increasingly difficult to generate the high guarantee promises of the past on the capital markets. Some therefore wanted to get rid of the expensive old policies.
The buyers – so-called run-off companies – must continue the existing contracts until they expire. Processing platforms advertise that their costs are lower. In contrast to classic insurance companies, they have no sales.
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