AT A GLANCE
- Athora is a leading European savings and retirement services group. Our principal operational subsidiaries are Athora Netherlands NV, Athora Belgium SA, Athora Lebensversicherung AG in Germany, Athora Italia S.p.A., Athora Ireland plc and Athora Life Re in Bermuda
- In April 2020, Athora Group completed the acquisition of VIVAT NV (now Athora Netherlands), the fourth largest insurer and second largest life insurer in the Netherlands and subsequently sold the non-life business to NN Group N.V.
- Athora deploys capital and resources to further its mission to build a stand-alone independent and integrated insurance and reinsurance business. Our growth is achieved primarily through acquisitions, portfolio transfers and reinsurance. We are building a European insurance brand Athora and have successfully acquired, integrated, and transformed five insurance companies: Delta Lloyd Deutschland AG (2015), Aegon Ireland plc (2018), Generali Belgium SA (2019), VIVAT NV (2020) and Amissima Vita (2022).
- Assets under management and administration of €74 billion at 31 December 2022
- We have c.1,700 employees in in Belgium, Bermuda, Germany, Ireland, Italy, the Netherlands and the United Kingdom.
- Thanks to our business model, we are fully focused on providing the best service to the businesses we have. We are able to make our existing policyholders the centre of our focus such that we dedicate our capital, time and skills to them and, through the products we provide, develop a trusted, long-term relationship to fulfil their expectations, needs and requirements.
- The advantages we bring are defined by efficient and effective operations, highly skilled team members who provide expert services, and sophisticated risk, capital and asset management capabilities. These hallmarks are essential to serving our markets and creating value for our stakeholders (customers, employees, regulators, and shareholders) in today’s challenging environment for insurance providers in Europe.
- Policyholder protection is at the core of our strategy and work. We continually invest in infrastructure and platforms to benefit policyholders.
- Our investor base is comprised of highly sophisticated institutional investors who have taken a long-term approach to their investment in Athora and share our vision for building a market leading insurance and reinsurance business. Athora’s shareholders comprise pension funds, sovereign wealth funds, family offices, and financial services companies.
- Athora has approximately €6.75 billion of unconditionally committed capital which represents the largest ever dedicated equity capital commitment from global institutional investors for the consolidation of European insurers and reinsurance.
- Athora Life Re, our main reinsurance subsidiary, is based in Bermuda, the world’s second largest reinsurance market.
- Athora Holding Ltd. is domiciled in Bermuda.
Athora was founded in 2014 for the specific purpose of focusing on the European insurance market. At 31 December 2022, we had €74 billion of assets under management and administration, approximately 2.7 million policyholders in Europe and about 1,700 employees in Belgium, Bermuda, Germany, Ireland, Italy, the Netherlands and the United Kingdom.
Our ambition is to create a focused long-term insurance and reinsurance business and a well-recognised European brand across both retail and insurance clients, take on specific business segments, companies and portfolios which are non-core to their existing owners and make them the full focus of our business activity, provide long-term certainty, return and security to our policyholders, and generate stable returns for our shareholders.
We spun off from our former parent, Athene Holding Ltd. (Athene), in January 2018. Following Athene’s example, Athora is building a leading insurance company in Europe. We see a similarly compelling market opportunity for Athora in Europe today, as was the case for Athene in the US over a decade ago.
Through our continued strategic relationship with Athene, which still holds a minority stake, Athora has access to insight, expertise and a long-term reinsurance partnership which we believe provides Athora and its stakeholders with numerous benefits. Although based on the principles of Athene, Athora’s approach is tailored to the specific market requirements within Europe.
We view four main stakeholders for our business: customers (including end consumers, distribution partners and insurers), employees, regulators and shareholders. All aspects of our business (especially customer service, risk management, compliance, financial management and information technology) work together to support these stakeholders, allowing us to achieve a balance that results in a strong, sustainable franchise.
We see the following as the key success factors which allow us to serve our markets and create value for these stakeholders: a very focused and disciplined business model; highly focused and disciplined risk management, capital and asset-management skillsets and framework; efficient and effective operations, run by highly skilled and motivated team members; and access to differentiating investment strategies.
Athora is fully focused on insurance and reinsurance business in selected European markets with a long-term horizon, backed by approximately €6.75 billion of permanent equity capital. Athora is able to deliver long-term satisfaction to its customers as a result of clearly identified and sustainable technical insights, an efficient and modern operating model and strategic support from high-quality institutional investors.
We have six principal operating subsidiaries. Athora Lebensversicherung AG is based in Wiesbaden, Germany which we acquired in 2015. The company has been in run-off since 2010. In that time, it has developed the experience and efficiencies critical to succeed as a run-off specialist. It serves guarantee, endowment, unit-linked and disability life customers.
In April 2018, we acquired Aegon Ireland plc, an Ireland-based reinsurer. The company offers a full range of highly customised life reinsurance solutions, including portfolio transfers.
Our principal reinsurance subsidiary is Athora Life Re in Bermuda. Together with Athora Ireland, Athora Life Re offers internal and third-party reinsurance solutions to Athora’s operating subsidiaries and other insurers within Europe. For the latest Athora Life Re and Athora Ireland financial strength ratings, click here.
In January 2019, we acquired Generali Belgium SA, which offers a broad range of life insurance solutions to individual and corporate customers in Belgium.
In April 2020, we acquired VIVAT, the fourth largest insurer and second largest life insurer in the Netherlands. We subsequently sold its non-life business to NN Group. VIVAT was rebranded to Athora Netherlands in December 2020. Athora Netherlands is the parent company of insurance brands Zwitserleven and Reaal.
In September 2021, Athora announced its plans to acquire Italian life insurer Amissima Vita S.p.A. The acquisition completed in August 2022 and the business was rebranded to Athora Italia in November 2022.
In July 2022, Athora announced that its subsidiary, Athora Deutschland GmbH (Athora Germany), had agreed to acquire a closed book portfolio of deferred annuities and endowments of the former DBV-Winterthur Life (DWL) from AXA Germany. The transaction is expected to close by the end of 2023, subject to receipt of requisite regulatory and other approvals.
One of our core competencies is the successful integration of acquired companies and employees into our organisation. In the process, we also continually develop the infrastructure and capabilities to support our future growth. Our customers benefit from these capabilities through economies of scale, sophisticated technology and continual innovation.