A consortium comprising Allianz, BlackRock, Generali Financial Holdings, Hannover Re and T&D United Capital (TDUC) has completed the €3.5bn ($4.04bn) acquisition of Viridium Group from Cinven.
The transaction, which was first announced in March 2025, has now received the green light from all necessary regulatory authorities.
Go deeper with GlobalData
Viridium Group operates four life insurance businesses – Proxalto Lebensversicherung, Entis Lebensversicherung, Heidelberger Lebensversicherung and Skandia Lebensversicherung.
As of the end of 2023, Viridium reported €67bn in assets under management, serving 3.4 million policyholders and employing around 900 people.
According to its website, Viridium is one of the five largest German life insurance companies, with a market share of around 5%.
Santander Insurance and PG3, the family office representing the Partners Group co-founders, will take over Hannover Re’s position in the consortium by 30 September 2025.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataViridium will continue to operate as an independent stand-alone platform.
As part of the acquisition, TDUC has secured a 29.9% stake in Viridium for Y116bn.
With the transaction now closed, Viridium is set to become an equity method affiliate of the group from the second quarter of the fiscal year ending 31 March 2026.
T&D stated that this transaction will not affect the consolidated earnings forecasts for the fiscal year ending 31 March 2026.
The acquisition will enhance the insurance and asset management offerings available to Viridium’s policyholders, while also positioning the group to seize growth opportunities within the European life insurance sector, Allianz said in a press release.
