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November 3, 2022

Athora raises equity commitments of $2bn from investors

Life insurance group Athora has secured equity commitments of more than 2bn ($1.98bn) from new and existing shareholders.

The new permanent equity capital commitments include €600m commitments received last year from founding shareholders Apollo Global Management and Athene Holding.

In each of its three capital raises, Athora added new leading investors to its shareholder base.

Athora plans to use the fresh capital to fund its growth strategy and strengthen positions in key European markets.

Planned to be concluded by the end of 2022, the new capital raise has been carried out as a private placement of common equity securities.

Athora group CEO Mike Wells said: “The completion of this capital raise will allow Athora to further enhance its position as a leading European savings and retirement services Group, and it demonstrates the strength of our business model and growth strategy.

“We continue to enjoy strong support from our founding shareholders and have also welcomed several new, leading institutional investors into our shareholder register. As a long-term savings and retirement services group, the support of an investor base with a long-term focus positions Athora uniquely in the industry.”

The new commitments mark the third capital raise for the firm, bringing the funding raise to more than €6bn since its inception in 2018.

Last month, Athora’s wholly-owned subsidiary Athora Belgium started talks to purchase NN Insurance Belgium ’s closed-book individual life portfolio.

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