The insurer Axa announced Thursday the sale for 660 million euros of a life and retirement insurance portfolio held until now by its German subsidiary to a local insurer. The company has entered into an agreement with Athora Germany “for the sale of a €16 billion portfolio of life insurance and pension contracts“Said a press release.
“The sale of this portfolio marks an important step in our strategy to optimize our life insurance and savings portfolios across the Group.“, explains in this same document the deputy general manager of Axa, Frédéric de Courtois. This sale responds to Axa’s objective of reducing its exposure to the financial markets.
The portfolio has not been open to new business since 2013 and is mainly made up of traditional general fund contracts, the seller said. The transaction cut its operating profit by around 36 million euros per year from 2023.
The acquirer Athora Germany has 180,000 customers, according to the website of its parent company. The acquisition of this portfolio is structuring for him since he announced it as of December 31, 2021 less than 6 billion euros in assets under management.