Athora Announces Closed Life Book Transaction with AXA Germany
Athora Holding Ltd. (Athora or the Group), a leading European savings and retirement services group, has announced that its subsidiary, Athora Deutschland GmbH (Athora Germany), has agreed to acquire a closed book portfolio of deferred annuities and endowments of the former DBV-Winterthur Life (DWL) from AXA Germany, representing €19 billion1 in assets under administration (AuA), for a purchase price of €610 million which is a significant discount to own funds. Including an estimated €50 million of statutory earnings for 2022, AXA Germany is expected to receive €660 million. Subject to closing, Athora Germany will have €24 billion of AuA and 1.1 million customers, helping it to achieve economies of scale in Europe’s second largest life insurance market.
Prior to closing of the transaction, AXA Germany will transfer the portfolio and its associated balance sheet to a well-capitalised company which will be acquired by Athora Germany and integrated under the Athora brand. Athora Germany and AXA Germany will also sign extensive service agreements for the five-year transition period during which the portfolio will gradually migrate to Athora. As part of the transaction, AXA IM will continue to provide certain asset management services to Athora Germany, notably investment grade debt, until 2028.
The transaction, consistent with Athora’s growth strategy focused on traditional guaranteed savings and pension products in Europe, is expected to close by the end of 2023 subject to receipt of requisite regulatory and other approvals.After adjusting for the transaction, Athora will have over €100 billion of consolidated AuA (including the proposed acquisition of Amissima Vita and portfolio transfer with NN Belgium). The Group will also welcome 900,000 DWL policyholders to join Athora’s existing 2.3 million customers across Europe.
The transaction is transformational for Athora in Germany which entered the market in 2015 and has built a strong track record in delivering market leading results for customers. Athora Germany will ensure the continuity of policies for and the quality of services to policyholders, fulfilling all of their contractual obligations. Athora has a sustainable and proven business model which combines market-leading access to investments, through our strategic relationship with Apollo Global Management Inc. and its subsidiaries, together with efficient operations.
Athora has secured further equity commitments from existing shareholders and will finance the transaction consistently with its rating and leverage targets.
Michele Bareggi, Group CEO at Athora, said: “We have been strategically building Athora’s presence across Europe and are excited about the opportunity this deal provides for our growth in Germany. This highlights our position as a preferred solutions provider because of our robust capital position, deep expertise in the retirement services industry and proven track record of executing transactions to deliver value to counter-parties. We have a strong reputation for managing guaranteed savings portfolios in Germany – with significant emphasis placed on prudent investment, risk and capital management – and we intend to play a long-term role in meeting customer demand for these products in this important European market.”
Michele further commented: “We look forward to welcoming the DWL customers into the Athora family and to continue to deliver great value and services to all our German customers on their long-term guaranteed savings products.”
Bank of America and Morgan Stanley acted as financial advisers to Athora on the transaction.
Athora is a leading retirement services group fully focused on the European market. We concentrate on the large and attractive traditional life and pensions market, with an ambition to become a leading provider of guaranteed life and pensions products in Europe. We serve the needs of individual and corporate customers who continue to demand products offering safety of returns, and also provide innovative M&A and reinsurance solutions to other insurers seeking to enhance their capital position or enact strategic change. Athora's principal subsidiaries are Athora Netherlands N.V. (Amstelveen, Netherlands), Athora Belgium N.V./S.A. (Brussels), Athora Lebensversicherung AG (Wiesbaden, Germany), Athora Ireland plc (Dublin) and Athora Life Re Ltd. (Bermuda). The Athora Group employs some 1,900 staff and has 2.3 million customers with assets under administration of €79 billion (as at 31 December 2021). On 23 September 2021, Athora announced the acquisition of Italian insurer Amissima Vita S.p.A. The acquisition is expected to complete in 2022, subject to applicable regulatory clearances.
1 €19bn of AuA as of FY 2021, corresponding to €14bn technical reserves (“Deckungsrückstellungen”) as well as €5bn of deferred policyholder participation reserves and equity under the IFRS accounting framework.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Volker Heck/Christoph Schlüter
T +49 69 97098-550
Sam Turvey/ Vikki Kosmalska
+44 (0) 207 379 5151
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Mary Kay Inc. Continues Its Support of Women’s Empowerment at the International Women’s Forum Cornerstone Conference in Chile12.8.2022 18:33:00 CEST | Press release
Mary Kay Inc. continues its support of women’s entrepreneurship, empowerment and thought leadership as a sponsor of the 2022 International Women’s Forum (IWF) Cornerstone Conference. Taking place on 17-18 May in Santiago, the Conference convened global decision makers who explored the most pressing challenges to progress on gender equality for the Latin American region. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220812005257/en/ IWF Latinobarómetro MKI Latin American Women Democracy & Society from a Gender Perspective Research (Graphic: Mary Kay Inc.) For the first time ever, IWF commissioned groundbreaking research as part of its annual conference programming with funding by Mary Kay. Conducted by the Latinobarómetro founded by Marta Lagos, this research, titled “Latin American Women: Democracy & Society from a Gender Perspective,” is the first-ever analysis of a quarter of a century (1995-2020) of public opinion and at
Ipsen Completes Acquisition of Epizyme Expanding Its Portfolio in Oncology12.8.2022 17:35:00 CEST | Press release
Regulatory News: Disclaimer: Intended for international media and investor audiences only Ipsen (Euronext: IPN; ADR: IPSEY) today announced the closing of the definitive merger agreement under which Ipsen has acquired Epizyme, Inc. (Epizyme). Pursuant to the transaction, Ipsen acquires all outstanding shares of Epizyme for $1.45 per share plus a contingent value right (CVR) of $1.00 per share. Epizyme now operates as ‘an Ipsen company’ at deal close. As part of the transaction, Ipsen acquires Epizyme’s lead medicine, Tazverik® (tazemetostat), a first-in-class, chemotherapy-free EZH2a inhibitor, which was granted Accelerated Approval by the U.S. Food and Drug Administration (FDA) in 2020. It is currently indicated for adults with relapsed or refractory follicular lymphoma (FL) whose tumors are positive for an EZH2 mutation as detected by an FDA-approved test and who have received at least two prior systemic therapies, and for adult patients with relapsed or refractory follicular lymphom
Budweiser Celebrates 100 Days to The FIFA World Cup™ by Partnering with Messi, Neymar Jr. and Sterling to Drop Hundreds of Prizes For Fans Around the World12.8.2022 13:00:00 CEST | Press release
Tomorrow, Budweiser, an Anheuser-Busch InBev (AB InBev) global brand will “drop” prizes in select destinations in the lead up to the biggest global sporting event. As the Official Beer of the FIFA World Cup, Budweiser is giving fans the once-in-a-lifetime chance to experience the FIFA World Cup in person by dropping hundreds of red prize boxes in major cities that include signed memorabilia, a year’s supply of Budweiser, and the grand prize of a trip to the tournament. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220812005051/en/ Budweiser's QR code (Graphic: Business Wire) Beginning August 13, coordinates leading to prize boxes will be revealed to fans who scanned exclusive Budweiser QR codes. These exclusive QR codes were shared on Budweiser and athlete partner social accounts earlier this week, spurring curiosity and excitement from eager fans. QR codes appeared in locations commemorating Messi, Neymar Jr. and Sterling;
Q4 Inc. Announces Second Quarter 2022 Results12.8.2022 13:00:00 CEST | Press release
Q4 Inc. (TSX:QFOR) (“Q4” or the “Company”), a leading capital markets communications platform, today announced its financial results for the three and six months period ended June 30, 2022. All amounts are expressed in US dollars unless otherwise stated. “The second quarter results show our continued progress against our overall strategy and vision,” said Darrell Heaps, CEO of Q4. “We achieved double digit recurring revenue growth, driving product adoption with higher ARPA expansion growth, as our customers continued to renew subscriptions at record levels and increase their spend with Q4. Given the challenging macro environment, and with our peak investment period behind us, we are accelerating our path to profitability. With a focus on expanding our operating leverage, initiatives are underway to improve sales efficiency and utilize low cost geographies to drive down operating expenses. Combined with our gross margin expansion, these will bring forward our commitment to be cash and E
Zayed Sustainability Prize 2023 Demonstrates Global Reach and Impact with over 4,500 Submissions11.8.2022 16:48:00 CEST | Press release
Following a successful 4-month submissions phase, the Zayed Sustainability Prize, the UAE's pioneering global award for recognising excellence in sustainability, has officially closed entries for its 2023 awards cycle. Over 4,500 applications were received across the five Prize categories of Health, Food, Energy, Water and Global High Schools, from a record 152 countries, demonstrating the Prize’s growing global reach and impact. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220811005418/en/ The Zayed Sustainability Prize 2023 receives more than 4,500 submissions globally (Graphic: AETOSWire) The Zayed Sustainability Prize winners will be announced at the 2023 Zayed Sustainability Prize Awards Ceremony that will be held on January 16, 2023 as part of Abu Dhabi Sustainability Week. The Prize witnessed a 13% increase in submissions compared to last year from small and medium-sized enterprises (SMEs), nonprofit organisations a
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom