Athora to Sell Belgian Non-Life Business to Baloise
BRUSSELS, Belgium – Athora Holding Ltd. (together with its subsidiaries, “Athora” or the “Company”) announced today that it is to sell the entirety of the non-life business of its subsidiary, Athora Belgium SA/NV (“Athora Belgium”), to Baloise Belgium NV (”Baloise Insurance”), a subsidiary of Baloise Group (“Baloise”) for €60 million (with no transfer of Shareholders’ Own Funds) (the “Sale”). Baloise Insurance will be acquiring more than 360,000 insurance policies and approximately 160 employees. The Sale is expected to close in the second quarter of 2020, subject to regulatory approvals.
“We are pleased to have a strong partner in Baloise who will acquire our Belgian non-life business. We will be working together to ensure a smooth transition for brokers, customers and employees,” said Eric Viet, Chairman of Athora Belgium.
Dorsan van Hecke, CEO Athora Belgium added “Athora Belgium is aiming for further growth in both traditional life insurance and unit linked markets. In addition to continued organic growth we also foresee future inorganic growth by way of acquisitions and portfolio transfers. The recent launch of our new traditional life product in is a clear indicator of our ambitions in the Belgian life insurance market and confirms our commitment and desire to continuously offer new solutions for our partners and customers. Athora Belgium is traditionally very strong in life insurance and we are trendsetting in this sector."
Athora Belgium was acquired by a unit of Athora in January 2019 in order to expand its presence into the attractive Belgian market. Athora is continuing its growth in the Benelux region through the planned acquisition of the Dutch insurance company VIVAT NV (as announced in June 2019 and expected to close in the first quarter of 2020). Athora’s consolidated assets, proforma for the VIVAT NV transaction and the Sale will be approximately €70 billion and establishes the company as one of the prominent players in European life insurance.
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