Athora completes sale of variable annuity portfolio to Monument Re

4th January 2022

Pembroke, Bermuda, 4 January 2022Athora Holding Ltd. (together with its subsidiaries, Athora) has completed the sale of the variable annuity portfolio of its wholly-owned subsidiary, Athora Ireland plc (Athora Ireland), to Monument Life Insurance DAC (Monument Life), a wholly-owned, Dublin-based subsidiary of Monument Re Limited (Monument Re) (the sale).

The portfolio represents approximately €1 billion of assets under management for about 13,000 customers who are predominantly in the United Kingdom. The portfolio has been in run-off since 2017. The terms of the sale, which was first announced in March 2021, were not disclosed.

With the sale of its variable annuity portfolio, Athora Ireland will now focus on further developing Athora’s fast-growing reinsurance business. Tadhg Clandillon, CEO of Athora Ireland said “We will now focus exclusively on developing our reinsurance business and operations in tandem with Athora’s Bermuda-based reinsurance carrier Athora Life Re. We see increasing demand for the innovative reinsurance solutions that we can provide to European life insurers seeking to implement capital actions or enact strategic change.”

Variable annuity policyholders and their advisers can contact Monument Life Customer Service with any questions or queries from 4 January 2022. Contact details for customers in the UK and Netherlands can be found on the Monument Life Insurance website here.