Governed by the Wealth Insurance Italy portfolio, the insurance policies being sold form part of a larger portfolio that was acquired “for nil consideration” in 2014, a Malta Stock Exchange statement confirmed.
Subject to regulatory approval, the transfer will be completed in 4Q18.
As of 30 September 2017, the portfolio being transferred had total funds under management of around €500m and generated gross annual management charges of approximately €780,000 in 2016.
HSBC Life Assurance (Malta), which is a wholly owned subsidiary of HSBC Bank Malta, said the portfolio, which is in run-off, does not form part of its core business.
“The transfer will enable increased focus on the domestic insurance market,” it said.
Authorised by the Commissariat aux Assurances in Luxembourg, Lombard International Assurance provides wealth structuring solutions using unit-linked life insurance to high net worth individuals, their families and institutions around the globe.