Athora Belgium, a wholly-owned subsidiary of life insurer Athora, has initiated talks to acquire a closed-book individual life portfolio from NN Insurance Belgium.
The portfolio being acquired has nearly €3.3bn in assets under management (AUM) and comprises life insurance policies that are no longer being sold.
Through the sale, NN Insurance Belgium, a subsidiary of NN Group, seeks to simplify its IT structure and focus on expanding its protection and pension business in the Belgian market.
Athora stated that the deal, which is expected to close by mid-2022, is in line with its strategy to focus on traditional life savings and pension offerings in the European market.
The deal marks Athora Belgium’s first acquisition after being acquired by Athora in January 2019.
Athora acquired Generali Belgium from Italian insurer Assicurazioni Generali for €540m ($616m). Generali Belgium was later renamed as Athora Belgium.
Upon completion, which is subject to regulatory approval, Athora Belgium’s assets under management would increase from €7.3bn at the end of December 2020 to €10.6bn.
Last month, Athora announced the acquisition of Italian life insurer Amissima Vita from US-based private equity firm Apollo Global Management.
Amissima Vita is a key life insurer in Italy and the deal marked Athora’s entry into Europe’s third-largest life insurance market.