Investment firm Sixth Street, the principal shareholder of Lifetri, and Achmea have established a pension and life insurance JV in the Netherlands.
This move will see Lifetri, with a balance sheet of around €2bn ($2.11bn), and Achmea combining their pension and life portfolios.
The resultant JV, named Achmea Pension & Life Insurance, is poised to become one of the top three providers in the Netherlands, with a client base of more than 2.1 million.
It looks to capitalise on growth opportunities in the pension buyout market, aiming for a 20% market share.
Achmea will hold an 80% stake in the JV, while Sixth Street will acquire the remaining 20% stake by paying €445m to Achmea.
Customer services for Lifetri’s existing 500,000 consumers will continue under the Centraal Beheer brand, known for its digital platform that offers insurance, savings and investment products.
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By GlobalDataAchmea Pension & Life Insurance anticipates an increase in capital generation of around €100m, starting in 2028.
The JV is expected to provide an additional option for funds considering a pension buyout, with a focus on risk and capital management, asset management and customer-centric solutions.
The deal’s completion is contingent on advisory processes with works councils and regulatory approvals, due in the second half of 2025.
Following the closure, Lifetri employees will join Achmea, and the customer transfer will commence.
The initial impact on Achmea’s capital position is expected to be limited.
Achmea executive board chair Bianca Tetteroo said: “We will add more than half a million Lifetri customers, whom will receive a warm welcome from Centraal Beheer.
“Like us, Sixth Street is committed to long-term value creation and has extensive knowledge of the pension and life sector. We can benefit from economies of scale and synergy that are important for our service books. There are also various concrete growth opportunities.”
