Athora Acquisition, Valuation, Funding & Investors

Athora was acquired by Frankfurter Leben-Gruppe in August 2026.

Athora acquisition price

Undisclosed

Acquired by Frankfurter Leben-Gruppe · Aug 2026

Cumulative funding Athora raised

$135M

across 1 funding round

Key investors in Athora

  • Shinhan Life Insurance

Athora Overview

About Athora

Athora is a Pembroke-based insurance and reinsurance group targeting the European market through run-off resolution and new life insurance solutions. Operating subsidiaries in Ireland, Germany, Italy, Belgium, and Bermuda, Athora manages over €20 billion in assets, specializing in legacy portfolio acquisitions from insurers like Aegon, Vivat, and Generali. Founded in 2016 by Apollo Global Management, the group completed its IPO on Euronext Amsterdam in 2019 and expanded via the 2022 acquisition of Monument Re.


Founded

2014

HQ

BermudaBermuda

Website

athora.com

Status

Acquired

Customer focus

B2B

Revenue model

Services

Valuation

$14B (Dec 2025)

Athora Acquisition

Athora was acquired by Frankfurter Leben-Gruppe for an undisclosed price on 13 August 2026.

Before the acquisition Athora had raised $135M across 1 funding round.

Athora acquisition details
AcquirerDateType
  • Frankfurter Leben-Gruppe
13 Aug 2026Strategic M&A

Athora Valuation

Athora is currently valued at $14B, based on its strategic investment round in December 2025. Read the announcement ↗

The $135M round was led by Shinhan Life Insurance.

Athora valuation by funding round

Athora valuation by funding round
DateStageValuation
Dec 2025Strategic investment$14B

Athora Funding History

Athora has raised a total of $135M across 1 funding round.

Athora funding rounds

Athora funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2025Strategic investmentShinhan Life Insurance (lead)$135M$14BAthora Holding Ltd. is a leading European savings and retirement services group focused on long-term savings, retirement solutions, and pension risk transfers, operating across multiple European markets including the Netherlands and UK. On December 5, 2025, Shinhan Life Insurance, a subsidiary of Shinhan Financial Group, approved a cash investment of EUR 115 million to acquire approximately 1% equity stake in Athora through participation in a capital increase, for general investment purposes. The investment aligns with Athora's ongoing capital raises, having secured approximately EUR 9 billion in common equity commitments since inception in 2018 from institutional investors with long-term horizons matched to savings products. In parallel, Athora is advancing a major acquisition of Pension Insurance Corporation Group (PICG), approved by UK regulators, expected to close around March 27, 2026, funded by a recent EUR 3.5 billion common equity raise from investors including Mubadala, Apollo, and Athene. Post-acquisition, Athora will have over EUR 130 billion in assets under management and administration, serving more than three million savers. Athora's 2025 interim results highlight strong operational performance, including operating cash generation of EUR 337 million (up 10% YoY), cash remittances of EUR 160 million in HY25, gross investment spreads at 191 basis points, and a stable financial leverage ratio of 26%. Fitch Ratings upgraded Athora's Insurer Financial Strength to 'A' (Rating Watch Positive) in July 2025 following the PICG announcement, with undrawn equity capital of EUR 1.7 billion earmarked for the deal.

Who has invested in Athora?

1 investor has backed Athora across its funding rounds, including Shinhan Life Insurance.

Lead investors include Shinhan Life Insurance.


Athora Investors

Investors in Athora by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Athora

Athora has acquired 3 companies to date.

Last acquisition by Athora was on July 3rd 2025. Athora acquired Pension Insurance Corporation for $7.2B.


Latest Acquisitions by Athora

Pension Insurance Corporation
Amissima Vita
Generali Belgium
Description
Pension Insurance Corporation is a London-based specialist insurer of UK defined benefit pension schemes, providing bulk annuity buy-ins and buy-outs that take pension liabilities off company balance sheets. It is one of the leading providers in the UK pension risk transfer market and invests its portfolio largely in credit, including UK housing and infrastructure. In 2024 it wrote a record GBP 8.1 billion of new business premiums, insured the pensions of almost 400,000 people and reported IFRS adjusted operating profit before tax of GBP 746 million. The company earns investment and underwriting margins on the premiums it receives in exchange for guaranteeing members' pensions. PIC was founded in 2006 with J.C. Flowers as a founding investor, and its later shareholders included Reinet, the Abu Dhabi Investment Authority, CVC Capital Partners and HPS Investment Partners. Athora, the European savings and retirement group, agreed to acquire its parent Pension Insurance Corporation Group for about GBP 5.7 billion in July 2025 and completed the purchase in March 2026.
Amissima Vita is an Italian life insurer, renamed Athora Italia in 2022, that sells savings, investment, pension and protection policies mainly through bank branches and a network of agents. The company has served savers for more than 50 years, and its policies have also been distributed through Banca Carige branches; funds managed by affiliates of Apollo Global Management owned it from 2015. At the end of 2020 it had 7.2 billion euros of assets representing the savings of about 140,000 policyholders, annual gross written premiums above 800 million euros, and ranked among Italy's top 20 insurers by new business sales. Apollo sold the non-life sister company Amissima Assicurazioni to HDI Assicurazioni at the end of 2020, and in September 2021 agreed to sell 100% of Amissima Vita to Athora Holding, a European life insurer in which Apollo held about 6%, in a deal valued at about 200 million euros. Athora completed the purchase on August 2, 2022, gaining over 150,000 customers and 95 employees, and renamed the company Athora Italia S.p.A. on November 14, 2022. It earns premiums and investment returns on its life savings portfolios.
Generali Belgium is a branch of Assicurazioni Generali providing life, health, property, and casualty insurance in Belgium. Headquartered in Brussels, it covers motor, home, and corporate risks with products underwritten since 1920. The insurer holds a 10 percent market share, serving 1 million policyholders through agencies and digital channels.
HQ CountryUnited KingdomItalyBelgium
HQ City
London
Milan
Brussels
Deal Date3 Jul 202523 Sep 202118 Apr 2018
Valuation$7.2Bundisclosed$583M
EV/Revenue
EV/EBITDA

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Athora Competitors

Athora competitors include listed companies like Mapfre, Brookfield Wealth Solutions, Everest Group and China Taiping Insurance, and private ones like Prismic Life Reinsurance and Nassau Financial Group.

Public and private companies comparable to Athora
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MapfreSpainSpainPublicly listed$30B$2.8B$14B0.5x
Brookfield Wealth SolutionsCanadaCanadaPublicly listed$11B$1.6B$12B-
Everest GroupUnited StatesUnited StatesPublicly listed$17B$2B$15B1.0x
China Taiping InsuranceChinaChinaPublicly listed$23B$5B$8.3B0.6x
Prismic Life ReinsuranceBermudaBermudaPrivate--$2.9B-
Nassau Financial GroupUnited StatesHartford, CTPrivate--$1.7B-

Athora Public Comps

Athora is no longer listed, but its public comps include BB Seguros, iA Financial Corp, T&D Holdings, HDFC Life Insurance, Great Eastern Life, RenaissanceRe, Equitable Holdings, Mapfre, Phoenix Financial and CNA Financial.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
BB Seguros$1.1B-12.1x7.5x--
iA Financial Corp$6.2B$1.3B2.1x3.4x10.6x-
T&D Holdings$17B$1.4B0.8x0.7x9.8x9.9x
HDFC Life Insurance$9.7B$250M1.3x1.4x52.2x-
Great Eastern Life$11B$1.5B1.2x-9.2x-
RenaissanceRe$13B$4.1B1.1x1.7x3.4x2.9x
Equitable Holdings$12B($97M)1.2x0.9x(144.8x)-
Mapfre$30B$2.8B0.5x0.5x5.0x-

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Common questions about Athora

When was Athora founded?Athora was founded in 2014.
Where is Athora headquartered?Athora is headquartered in Bermuda.
Is Athora publicly listed?No, Athora was acquired by Frankfurter Leben-Gruppe in August 2026.
Who acquired Athora?Athora was acquired by Frankfurter Leben-Gruppe in August 2026.
What is Athora's valuation?Athora was last valued at $14B in its strategic investment round in December 2025.
How much funding has Athora raised?Athora has raised $135M across 1 funding round.
What was Athora's last funding round?Athora's last funding round was a $135M strategic investment round in December 2025, led by Shinhan Life Insurance.
Who are Athora's investors?Athora's investors include Shinhan Life Insurance.
Which companies are comparable to Athora?Companies comparable to Athora include Mapfre, Brookfield Wealth Solutions, Everest Group, China Taiping Insurance, Prismic Life Reinsurance and Nassau Financial Group.
How many companies has Athora acquired?Athora has acquired 3 companies, including Pension Insurance Corporation, Amissima Vita and Generali Belgium.
What was the largest acquisition by Athora?The $7.2B acquisition of Pension Insurance Corporation in July 2025 is the largest acquisition Athora has made to date.

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