Athora Holding Ltd., a European savings and retirement services group, has reported its half-year results of 2023, announcing a €59 million IFRS profit before tax, compared to a loss of €1.25 billion for the half year 2022.
At the same time, the firm also reported an Operating Capital Generation (OCG) of €198 million, compared to €172 million for the first half of 2022.
Assets under Management or Administration (AuMA) were €72.4 billion – or after announced transactions, pro forma AuMA, €85 billion, compared to €72 billion in 2022.
Moreover, Athora’s financial results also showed a Group BSCR Solvency ratio of 194%, compared to 2022’s 183%, as well as an IFRS equity of €3.9 billion (FY 2022: €4.0 billion) and adjusted financial leverage of 25% (FY 2022: 23%).
Mike Wells, Group Chief Executive Officer of Athora, said, “Our focus for 2023 has been on the continued delivery of our business plans in each market, supported by a strengthening in our executive management teams, alongside the successful integration of transactions across Belgium and Italy.”
He added, “During the first half of 2023, we have made significant strategic progress – most notably from a growth and operations standpoint – while maintaining strong investment performance and robust capitalisation amidst continued macroeconomic volatility. This has translated into a 15% increase in Operating Capital Generation, a strong 30 June 2023 estimated Group BSCR ratio of 194% and robust inaugural IFRS 9/17 financial results.”
Meanwhile, within the Business Units, Athora Netherlands completed the acquisition of the €1.3 billion Premium Pension Institute business from Willis Towers Watson and also signed two Pension Risk Transfer transactions totalling €0.4 billion. In Italy, Athora Italia signed a new Bancassurance agreement with Banca Popolare di Bari.
Wells added, “Looking ahead, we will continue to focus on our strategy of disciplined growth, careful asset underwriting and effective expense management, alongside strategic investments in our infrastructure, all underpinned by strong risk and capital management. We maintain significant undrawn equity capital, totalling €2.2 billion at 30 June 2023, allowing us to execute on our long-term growth strategy.”
