Athora in ‘exclusive’ talks with NN Group
European life insurer Athora has entered into exclusive negotiations to acquire a €3.3 billion portfolio from Netherlands' NN Group, in a move to strengthen its market position in the Belgian life insurance sector.
Under the deal, Athora Belgium, a wholly owned subsidiary of Athora Holding, will acquire a closed-book individual life portfolio from NN Insurance Belgium representing €3.3 billion of assets under management.
The transaction would be in line with Athora’s ongoing growth strategy focused on traditional life savings and pension products in the European market.
It would be expected to close by mid-2022, subject to receipt of requisite regulatory and other approvals.
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.
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