Athora Belgium, a wholly owned subsidiary of life insurance group Athora Holding (Athora), has announced it has completed the acquisition of a closed-book individual life portfolio from NN Insurance Belgium.
The transaction brings its assets under management to 11.4 billion euros, and is in line with Athora’s growth strategy focused on traditional life savings and retirement products in the European market, and results in a strengthened market position for Athora Belgium in the Belgian life insurance sector.
In October 2021, Athora announced it had entered into negotiations to take over a closed-book individual life portfolio from NN Insurance. Now completed, it marks the insurer’s first portfolio acquisition since being acquired by Athora three years ago.
Commenting on the completion of the transaction, Eric Viet, Regional CEO at Athora said, “Athora Belgium is focused on life savings and investment insurances in the Belgian market. The transaction marks its first portfolio acquisition since being acquired by Athora in January 2019, providing additional scale for Athora Belgium and increasing its assets under administration from €8.7 billion as at end December 2021 to approximately €11.4 billion, demonstrating Athora’s strategy and ability to combine consolidation and organic growth.”
Dorsan van Hecke, CEO at Athora Belgium added, “Today marks an important milestone for Athora Belgium. The transaction covers more than 200,000 new policies and we welcome our policyholders and the 24 new employees to our business. We look forward to working with our new colleagues and offering our new customers a stable and long-term performance on their savings and retirement products.”
According to the firm, Athora now has more than 3 million customers, €96 billion in pro forma consolidated Assets under Administration, over 2,000 employees and operations in five European countries.
