Athora Lebensversicherung increases surplus participation
WIESBADEN, Germany — Athora Lebensversicherung AG (“Athora Leben“) is raising the surplus participation for life policies in the coming year to a total interest rate of 2.75 percent.
- Realignment of Athora Leben's capital investment shows initial success
- Athora Leben increases the profit participation for customers
- Gross surplus of Athora Leben rises to 86.5 million euros in the 2018 financial year
For the first time since the acquisition of Delta Lloyd in 2015, the company is raising its total interest rate. For the portfolio, it is the first increase since 2008. With a total return of 2.75 percent, in 2020 Athora Leben will be above this year's average interest rate of 2.46 percent for classic life insurance contracts in the German market.
“With the founding of Athora at the beginning of 2018, the corporate strategy for Athora Leben was realigned. Now the first successes in the company’s investment strategy are to be seen, which should also benefit the policyholders,” says Christian Thimann, CEO and Chairman of the Board of Athora Germany Holding GmbH & Co. KG (“Athora Germany”). "This is an important signal, because customers with a lower guaranteed interest rate will receive more in the future, while customers with higher guaranteed interest receive the high guaranteed interest rate. In addition, every year it will be examined whether this trend can continue.”
The results for the past financial year also reflect the positive development of Athora Leben. Gross surplus, that mostly is to the benefit of policyholders, surged more than double from €33.8 million in 2017 to € 86.5 million last year. The positive result is mainly due to the results of the investment.
Athora Group on growth course in Europe
Athora Holding Ltd. (Athora), the parent company of Athora Germany, announced in June of this year that it would acquire the Dutch life insurer VIVAT N.V. Thus, the assets managed by Athora in Europe will increase from €15 billion to a total of around €70 billion. The number of customers increases to c. 3 million and the number of employees to c. 3,000. Subject to regulatory approvals and consultations with the works council, the transaction is expected to be completed in the first quarter of 2020.
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About Athora Deutschland Holding GmbH & Co. KG
Athora Deutschland Holding GmbH & Co. KG provides diverse management services to the group's insurance companies and affiliated companies. In particular, this includes asset management for life insurance companies in Germany. Assets under management amounted to almost €4.5 billion as of 31 December 2018.
About Athora Lebensversicherung AG
Athora Lebensversicherung AG is a German insurance company focused on the efficient management of insurance portfolios in the areas of life, occupational disability and retirement planning. From its headquarters in Wiesbaden, approximately 200 employees of its affiliated service company manage and administer approximately 245,000 life and unit-linked contracts in Germany.
About Athora Holding Ltd.
Athora is a specialised insurance and reinsurance group fully focused on the European market. Athora dedicates its focus, capital, time and technical insights to offering its customers a stable, long-term performance on its products. Athora's principal subsidiaries are Athora Belgium N.V./S.A. (Brussels), Athora Lebensversicherung AG (Wiesbaden, Germany), Athora Ireland plc (Dublin) and Athora Life Re Ltd. (Bermuda). The Athora group employs some 800 staff and has more than 800,000 policyholders for total consolidated assets of approximately €15 billion. On 7 June 2019, Athora announced the acquisition of leading Dutch insurance holding company VIVAT N.V. For further information, go to: www.athora.com.
Athora Leben Media Contact:
Andrea Maibaum
Hering Schuppener
+49 69 921 874 16
amaibaum@heringschuppener.com