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Athora Holding, a European savings and retirement services group, has completed the acquisition of Italian life insurer Amissima Vita. Athora said it now has more than three million customers, over €100 billion in consolidated assets under administration, over 2,000 employees and operations in five European countries.
As a result of closing the transaction, Amissima Vita becomes part of Athora and will continue to offer customers a stable and long-term performance on their savings and retirement products, Athora said.
Athora thus enters the Italian insurance market, the third largest in Europe, with a “disciplined” growth plan for Amissima Vita. This plan is supported by a number of key advantages, including: a supportive long-term investor base who have committed €4.7 billion of capital to support growth; “market leading” access to investments through Athora’s strategic relationship with Apollo Global Management.; a “wealth of experience” of managing life insurance across many European jurisdictions; and aligned interests in developing the Italian life insurance market with a focus on traditional savings products.
Eric Viet, Athora Group regional chief executive officer (CEO) and chairman of Amissima Vita, said the deal brings over 150,000 new customers and 95 employees.
He continued: “Under the continued leadership of executive vice president Andrea Moneta and CEO Jozef Bala, who have successfully led Amissima Vita’s growth and development, we plan to deploy substantial capital over the next few years in Italy and are actively looking at growth in the region.”
Moneta added: ”Over the last few years, and with the support of our shareholder Apollo, we have succeeded in transforming Amissima Vita into an important market player, with a high-profile distribution network and the ability to grow in an increasingly competitive environment. Becoming part of Athora now opens a new and exciting chapter for Amissima Vita: growth and consolidation in the Italian market.”
Athora, Amissima Vita, acquisition