Axa, Apollo's Athora Scrap Life-Insurance Deal in Germany [BNN Bloomberg (Canada)]
ZURICH INS GROUP S/ADR (ZURVY)
NASDAQ:AMEX Investor Relations:
zurich.com/en/investor-relations
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Source: BNN Bloomberg
The deal was meant to shift €19 billion ($20.3 billion) of Axa's liabilities — mostly related to annuity products — to Athora, according to a statement in July 2022. The termination agreement is “consistent with the contractual terms of the sale agreement,” according to Athora's statement on Thursday. Both firms agreed to terminate the deal following “significant changes in financial market conditions,” Athora said. Interest rates have risen sharply over the past two years in response to soaring inflation, making annuities a riskier prospect. Athora said it remains committed to further growth in German savings and retirement and has about €2.2 billion of undrawn equity capital for back-book deals. Axa Chief Financial Officer Alban de Mailly Nesle said in a separate statement the French firm “does not expect any impact” on its financial targets as a result. The market for back books, or portfolios of old insurance policies, has been active in recent years in Europe as insurers
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