Athora Belgium completes acquisition of a closed-book life insurance portfolio from NN Insurance Belgium
BRUSSELS, Belgium, 4 October 2022 – Athora Belgium NV/SA (Athora Belgium), a wholly owned subsidiary of savings and retirement services group Athora Holding Ltd. (Athora), announced today that it has completed the acquisition of a closed-book individual life portfolio from NN Insurance Belgium NV/SA.
Athora has an unrivalled track record in closing transactions and now has more than 3 million customers, €96 billion1 in pro forma consolidated Assets under Administration, over 2,000 employees and operations in five European countries.
This transaction is in line with Athora’s growth strategy focused on traditional life savings and retirement products in the European market, and results in a strengthened market position for Athora Belgium in the Belgian life insurance sector.
Commenting on the completion of the transaction, Eric Viet, Regional CEO at Athora said, “Athora Belgium is focused on life savings and investment insurances in the Belgian market. The transaction marks its first portfolio acquisition since being acquired by Athora in January 2019, providing additional scale for Athora Belgium and increasing its assets under administration from €8.7 billion as at end December 2021 to approximately €11.4 billion, demonstrating Athora’s strategy and ability to combine consolidation and organic growth.”
Dorsan van Hecke, CEO at Athora Belgium added, “Today marks an important milestone for Athora Belgium. The transaction covers more than 200,000 new policies and we welcome our policyholders and the 24 new employees to our business. We look forward to working with our new colleagues and offering our new customers a stable and long-term performance on their savings and retirement products.”
Nothing changes for policyholders transferring from NN Insurance Belgium to Athora Belgium. All brokers and clients will receive individualised information in the coming days.
1. The pro forma number comprises AuA at 30 June 2022 for Athora’s existing business units and estimated AuA at announcement/completion for the transactions in Italy (completed 1 August 2022), Belgium (completed 3 October 2022) and Germany (subject to completion).