Athora Holding Ltd., a European savings and retirement services group, has reported its full-year results, announcing a €488 million IFRS profit before tax, which represents a 14% increase compared to 2021.
At the same time, the firm also reported an Operating Capital Generation (OCG) of €442 million, representing a year-on-year increase of more than 80%.
Assets under Management or Administration (AuMA) were €74 billion – or after announced transactions, pro forma AuMA, €94 billion, compared to €78 billion in 2021.
Moreover, Athora’s financial results also showed a Group BSCR Solvency ratio (estimated) of 183%, compared to 2021’s 187%, as well as an IFRS equity of €3.9 billion (FY 2021: €4.8 billion) and adjusted financial leverage of 25% (FY 2021: 25%).
Mike Wells, Group Chief Executive Officer of Athora, said: “2022 has been a pivotal year for Athora. Amidst a volatile economic backdrop, we have delivered strong operating performance, demonstrating the merits of our business model through varying economic cycles, while continuing to execute on our focused growth agenda. We ended the year having materially expanded our market position and balance sheet capacity, while simultaneously consolidating the foundations on which we operate.
“The continued repositioning of the Athora Netherlands investment portfolio, combined with strong cost discipline, has driven a more than 80% annual increase in Operating Capital Generation (OCG). The positive momentum in OCG – supported by a core focus on careful asset underwriting, strong risk management and proactive capital management – supported positive developments in local solvency ratios, most notably at Athora Netherlands.”
Athora’s FY22 results reflect the company’s continued progress which includes completion of a Common Equity Capital raise of approximately €2.75 billion from new and existing investors, which took place last December.
Last year, Athora was also selected as the preferred bidder for a closed-life portfolio from AXA Germany. The firm also completed the acquisitions of Athora Italia S.p.A (formerly Amissima Vita S.p.A) and a closed-life portfolio from NN Insurance Belgium.
Wells added: “Athora’s strong financial profile and disciplined management of our capital structure, combined with additional equity capital raised during 2022, provides us with significant resources to continue our strong growth trajectory. As of 31 December, we had approximately €2.5 billion of undrawn equity capital, which is not reflected in reported solvency or IFRS metrics.
“We enter 2023 well positioned to further accelerate our business delivery – providing stakeholders with peace of mind irrespective of market conditions – and capitalise on the variety of organic and inorganic growth opportunities available to us across Europe. Special attention will be given to Athora Germany in the year ahead, in order to prepare for the closing and smooth integration of the portfolio acquisition from AXA Germany. Alongside this, we will continue to invest in our employees, capabilities, governance, controls and sustainability efforts.”
