The acquisition will boost the portfolio of its Wealins entity by €2 billion.

The agreement covers the purchase of 100% of the shares of GB Life Luxembourg, a transaction which remains subject to the approval of insurance watchdog the Commissariat aux assurances.

Three years ago, Foyer took over International Wealth Insurer from Belgian banking group Belfius to strengthen its life insurance business. This merger gave rise to the Wealins entity, which now includes all of Foyer's international activities. GB Life, which is developing its activities in Europe in 5 markets, will join this entity.

In a group press release published on Thursday Foyer managing director Marc Lauer said: "The acquisition of GB Life represents an opportunity to expand our life insurance activities as a wealth management tool. It is part of our strategic development vision and allows us to strengthen our competitive position.”

GB Life has been active for 25 years and manages assets of €2 billion. It employs 49 people.