This acquisition is part of Athora’s strategy to focus on traditional life savings and retirement products in the European market. Credit: Vlad Deep on Unsplash.

Athora Belgium, a wholly-owned subsidiary of life insurer Athora, has completed the acquisition of a closed-book individual life portfolio from NN Insurance Belgium.

Following the deal, Athora now serves over three million customers, has €96bn in pro forma consolidated assets under administration, employs over 2,000 people and operates in five European nations.

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This acquisition is part of Athora’s strategy to focus on traditional life savings and retirement products in the European market.

The deal is expected to bolster the life insurer’s operations in Belgium and added 24 new employees to the business.

As per the initial announcement in October last year, the acquired portfolio has nearly €3.3bn in assets under management and comprises life insurance policies that are no longer being sold.

For NN Group, which owns NN Insurance Belgium, the deal is aimed at simplifying the IT structure in Belgium and focusing on growing its protection and pension business.

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Athora regional CEO Eric Viet said: “Athora Belgium is focused on life savings and investment insurances in the Belgian market. The transaction marks its first portfolio acquisition since being acquired by Athora in January 2019, providing additional scale for Athora Belgium and increasing its assets under administration from €8.7bn as at end December 2021 to approximately €11.4bn, demonstrating Athora’s strategy and ability to combine consolidation and organic growth.”

In July this year, the German arm of Athora signed a €660m deal with AXA Germany to buy a closed book of life and pensions portfolio.