Athora completes acquisition of Italian life insurer, Amissima Vita S.p.A.
PEMBROKE, Bermuda, 2 August 2022 – Athora Holding Ltd. (Athora or the Group), a leading European savings and retirement services group, today announced that it has completed the acquisition of Italian life insurer, Amissima Vita S.p.A. (Amissima Vita). Athora has an unrivalled regulatory track record in closing transactions and now has more than 3 million customers, over €100 billion1 in consolidated Assets under Administration, over 2,000 employees and operations in five European countries.
As a result of closing the transaction, Amissima Vita becomes part of Athora and will continue to offer customers a stable and long-term performance on their savings and retirement products. Athora enters the Italian insurance market, the 3rd largest in Europe, with a disciplined growth plan for Amissima Vita. This plan is supported by a number of key advantages, including: a supportive long-term investor base who have committed €4.7 billion of capital to support growth; market leading access to investments through our strategic relationship with Apollo Global Management Inc.; a wealth of experience of managing life insurance across many European jurisdictions; and aligned interests in developing the Italian life insurance market with a focus on traditional savings products.
Eric Viet, Athora Group Regional CEO and Chairman of Amissima Vita, said: “Today is an important milestone for Athora as we enter the Italian market through the acquisition of Amissima Vita and welcome over 150,000 customers and 95 employees. Under the continued leadership of Executive Vice President Andrea Moneta and CEO Jozef Bala, who have successfully led Amissima Vita’s growth and development, we plan to deploy substantial capital over the next few years in Italy and are actively looking at growth in the region.”
Andrea Moneta, Executive Vice President of Amissima Vita, said: ”Over the last few years, and with the support of our shareholder Apollo, we have succeeded in transforming Amissima Vita into an important market player, with a high-profile distribution network and the ability to grow in an increasingly competitive environment. Becoming part of Athora now opens a new and exciting chapter for Amissima Vita: growth and consolidation in the Italian market.”
1 Including the proposed portfolio transfers with AXA Germany and NN Belgium (both subject to regulatory approvals)