The National Bank of Serbia (NBS) has given approval to MetLife for the transfer of a part of its life insurance operations to the joint-stock insurance company Wiener Städtische osiguranje.

The transfer of life insurance portfolio will be effected as at 31 December 2013.

MetLife’s portfolio portion that is under consideration includes rights and obligations arising from long-term endowment (mixed life insurance) and pure endowment insurance contracts.

It also comprises supplemental insurance contracts as well as reserves and liabilities concerning to valid and terminated endowment and pure endowment insurance plans.

Following the receipt of the approval, Wiener Städtische osiguranje has 30 days to conclude new contracts with the hitherto insureds of Metlife who accepted the transfer.