Athora Holding has agreed to sell Athora Germany, comprising its German life and pensions business and related entities, to Frankfurter Leben for an undisclosed amount.

The transaction is subject to customary regulatory approvals and closing conditions, and is expected to complete in mid-2027.

Athora Germany includes Athora Verwaltungs GmbH and Athora Deutschland Holding GmbH & Co. KG and its subsidiaries.

The business is a closed book of traditional life, unit-linked and pension policies, which have a combined assets under management and administration of €3.5bn, as at 31 December 2025.

It was originally acquired by Athene in 2014 and transferred to Athora when it deconsolidated from Athene in 2018.

Frankfurter Leben is a German insurance group specialising in acquiring and managing life and pension insurance portfolios.

The group serves around 700,000 policyholders in Germany through five regulated life and pension insurance companies.

Upon completion of the deal, customer policies, benefits and contractual commitments will remain unchanged.

“As a specialist consolidator with a long track record in the German market, Frankfurter Leben is well placed to continue the prudent and effective management of the Athora Germany business in run-off,” commented Athora group chief executive, Todd Solash.

“I would like to thank the board, management and employees of Athora Germany for their contributions to the group over the last eight years.

“As Athora Group continues to focus on building scale and organic growth in each country where we operate, we believe this transition will provide the best long-term path for all parties.”

Frankfurter Leben Group CEO, Dr. Christian Wrede, added: “The business of portfolio insurance thrives on efficiency – in the interests of both customers and investors.

“With the acquisition of Athora Germany, we are underlining our ambition to have the best approach to achieving this.

“DWS Group - one of the leading asset managers in the insurance sector - will support the transaction as a long-term financing partner and work strategically with Frankfurter Leben. This opens up further opportunities for growth.”

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