Pembroke, Bermuda - Athora Holding Ltd. (Athora), an insurance and reinsurance group focused on the European market, delivered a solid performance and saw significant growth in 2020. During the year ending 31 December 2020, assets under administration grew to €83 billion, organic capital generation increased in our Belgian and German business units, and the group was pleased to report a strong inaugural estimated Bermuda Solvency Capital Requirement (BSCR) ratio of 242%.
Performance Highlights
Financial Strength Highlights
Strategic Progress
Commenting on the results, Athora Group Chief Executive Officer, Michele Bareggi said:
"2020 was a year of significant progress and growth for this group, despite pandemic related disruption and challenging financial markets. Our solid performance reflects the merits of our business model, together with the added value that our strategic relationship with Apollo brings. We are particularly pleased to have delivered increased organic capital generation in Germany and Belgium, two business units well advanced in the integration of our business model. This resulted in robust closing capital positions in those entities and supported leading levels of customer returns. Financial stability is at the core of our business model as can be seen through our strong 2020 year-end capital position and group estimated BSCR ratio of 242%.
We have completed the first stage of our group’s strategic journey - achieving a critical mass with further potential to grow through the purchase of the second largest life insurer in the Netherlands – and we continue to be focused on supporting local management teams deliver the business case of each business unit including asset redeployment, very focused and effective operations, and selective growth.
I want to thank our employees for their hard work and determination in continuing to shape Athora into a leading life insurance and reinsurance group in Europe. By focusing on our mission, and despite the challenges brought by 2020, they remain committed to serving our over 2.5 million customers, and ensuring that our operations remain resilient. Thanks to their dedication and resourcefulness, we are already demonstrating the value of our business model having achieved more than expected in three years since becoming an independent group.
I look to 2021 with confidence, secure in the knowledge that we are building the right ecosystem to capitalise on the growth opportunities that are available to our group. Thanks to our strong capital position, strategic relationships and supportive investors who share our long-term vision, we are well positioned to capture these opportunities and continue to deliver more value for stakeholders.”
For more information, read our Annual Report 2020.
(1) In 2020, Athora called €2.8 billion of equity capital comprising €1.5 billion from its first capital raise and €1.3 billion from its second capital raise.