Athora has completed the previously announced acquisition of Dutch insurance company VIVAT from China’s Anbang Group.
Following the completion of the transaction, first announced in June last year, VIVAT will become part of Athora’s European group of life insurance companies.
VIVAT’s life and asset management businesses are now part of Athora.
Furthermore, Athora announced that it will make a capital injection of €400m into the acquired firm.
VIVAT will continue to be a Dutch-regulated entity and will be rebranded to Athora Netherlands by the end of this year.
Its insurance policies, which include Zwitserleven, Reaal, and ACTIAM, will continue to be served in the Netherlands.
Athora Group CEO Michele Bareggi said: “We are delighted to welcome VIVAT to the Athora family. We have a long-term vision and strategic commitment in the Dutch insurance market and VIVAT is the perfect local business for achieving our goals.
“Under the leadership of VIVAT’s CEO Tom Kliphuis, I am confident that VIVAT is set up to be the leading player in Dutch life & pension markets.”
VIVAT Supervisory Board chairman Maarten Dijkshoorn said: “With the additional financial resources committed to VIVAT and the combined capabilities of VIVAT and Athora, we will be best placed to fulfill our customers’ needs and to build further upon our already strong market positions. We believe that this transaction is highly beneficial to our valued customers.”
Concurrently, Athora also completed the follow-on sale of VIVAT Schadeverzekeringen (VIVAT Schade), the non-life business of the Dutch insurer, toNN Group, for €416m.
Athora, as per the terms of the agreements, retained ownership of the life and asset management businesses of the Dutch insurance firm.