Athora Holding Ltd. agrees sale of German business to Frankfurter Leben
- The transaction is expected to complete in mid-2027, subject to regulatory approvals.
- Athora’s operations in Germany represent €3.5bn of the Group’s €139bn of Assets under Management and Administration (AuMA)1
Pembroke, Bermuda, 13 August, 2026 – Athora Holding Ltd. (together with its subsidiaries, "Athora" or the "Athora Group") today announces that it has entered into a definitive agreement to sell Athora Germany, comprising its German life and pensions business and related holding and regulated entities2 to Frankfurter Leben, subject to customary regulatory approvals and closing conditions.
Athora Germany is a closed book of traditional life, unit-linked and pension policies, collectively totalling €3.5 billion of AuMA1. The business was originally acquired by Athene in 2014 and transferred to Athora upon deconsolidation from Athene in 2018.
Frankfurter Leben is a German insurance group focused on acquiring and managing life and pension insurance portfolios. Through five regulated life and pension insurance companies, the group serves approximately 700,000 policyholders in Germany. Frankfurter Leben and its subsidiaries are regulated by BaFin.
Todd Solash, Group Chief Executive Officer of Athora, said:
“As a specialist consolidator with a long track record in the German market, Frankfurter Leben is well-placed to continue the prudent and effective management of the Athora Germany business in run-off. I would like to thank the Board, management and employees of Athora Germany for their contributions to the Group over the last eight years. As Athora Group continues to focus on building scale and organic growth in each country where we operate, we believe this transition will provide the best long-term path for all parties.”
Dr. Christian Wrede, CEO of Frankfurter Leben Group said:
“The business of portfolio insurance thrives on efficiency – in the interests of both customers and investors. With the acquisition of Athora Germany, we are underlining our ambition to have the best approach to achieving this. DWS Group - one of the leading asset managers in the insurance sector - will support the transaction as a long-term financing partner and work strategically with Frankfurter Leben. This opens up further opportunities for growth.”
The proposed transaction is expected to complete in mid-2027, subject to approvals. Customer policies, benefits and contractual commitments remain unchanged, and Athora Germany will continue to operate as normal throughout the approval process.
The transaction is not expected to have any material impact on Athora Group's key financial metrics and targets.
1 As at 31st December 2025
2 Athora Germany comprises the legal and regulated entities Athora Verwaltungs GmbH and Athora Deutschland Holding GmbH & Co. KG and its subsidiaries