Athora Belgium (Athora Belgium), a wholly owned subsidiary of life insurance group Athora Holding (Athora), has entered into negotiations to acquire a closed-book individual life portfolio from NN Insurance.
The acquisition represents €3.3bn of assets under management, and is in line with Athora’s ongoing growth strategy focused on traditional life savings and pension products in the European market.
The transaction is expected to be finalised by mid-2022, subject to receipt of requisite regulatory and other approvals.
The acquisition is expected to result in a strengthened market position for Athora Belgium in the Belgian life insurance sector.
Athora Belgium is a life insurer focused on pension and investment savings in the Belgian market.
The transaction would mark the insurer’s first portfolio acquisition since being acquired by Athora in January 2019, providing additional scale for Athora Belgium and increasing its assets under management from €7.3 billion as at end December 2020 to €10.6 billion.