European life insurance and reinsurance group Athora Holding, Ltd. has reported IFRS profit of €700 million in 2020, from continuing operations before tax.
This compares to a loss of €13 million in 2019, with Athora attributing the rebound primarily to the consolidation of Athora Netherlands in April 2020 and a gain on acquisition of €213 million.
During 2020, Athora’s assets under administration also grew to €83 billion, organic capital generation increased in our Belgian and German business units, and the group reported an inaugural estimated Bermuda Solvency Capital Requirement (BSCR) ratio of 242%.
“2020 was a year of significant progress and growth for this group, despite pandemic related disruption and challenging financial markets,” explained Athora CEO Michele Bareggi.
“Our solid performance reflects the merits of our business model, together with the added value that our strategic relationship with Apollo brings. We are particularly pleased to have delivered increased organic capital generation in Germany and Belgium, two business units well advanced in the integration of our business model.”
“This resulted in robust closing capital positions in those entities and supported leading levels of customer returns. Financial stability is at the core of our business model as can be seen through our strong 2020 year-end capital position and group estimated BSCR ratio of 242%.”
Bareggi continued: “We have completed the first stage of our group’s strategic journey – achieving a critical mass with further potential to grow through the purchase of the second largest life insurer in the Netherlands – and we continue to be focused on supporting local management teams deliver the business case of each business unit including asset redeployment, very focused and effective operations, and selective growth.”
