Ethias SA initiated the necessary steps to sell its FIRST life insurance portfolio of first-generation contracts.

The Belgian insurer has started talks with several foreign purchasers, but the outcome is not yet certain.

Clients who close their FIRST account by July 7 will receive an exit premium of 25% of the value of their contract.

Ethias added that a possible disposal will not affect the terms and conditions of the contracts. Such a disposal will be subject to approval by the National Bank of Belgium.