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(Bloomberg) — Frankfurter Leben, the life insurance consolidator controlled by China’s Fosun International Ltd., is preparing to bid for Athora Holding Ltd.’s German unit, people with knowledge of the process said.
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Athora, which is backed by Apollo Global Management Inc., has also attracted interest from asset manager IKAV, the people said, asking not to be identified as the process is private. Both parties are preparing to submit final round bids imminently, they said.
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There’s no certainty an agreement will ultimately be reached, the people added.
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Representatives for Athora, Apollo and Frankfurter Leben declined to comment. IKAV and Fosun didn’t respond to requests for comment.
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Athora has been exploring options for the German division including a potential sale, after struggling to grow, Bloomberg News reported in January.
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The German business manages a closed-book portfolio of traditional life, unit-linked and pension policies for about 140,000 customers. It has €3.5 billion ($4 billion) in assets under management and administration and more than 100 staff.
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In March, Athora said it will move its headquarters to the UK from Bermuda. The announcement came as the firm completed its purchase of Britain’s Pension Insurance Corp., a transaction that almost doubled Athora’s assets under management and administration to €139 billion. Apollo owns about 24.5% of Athora.
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Fosun’s Frankfurter Leben manages about 700,000 insurance contracts with an investment portfolio of roughly €13 billion.
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IKAV is an asset manager focusing on energy infrastructure investments with offices including in Germany, Luxembourg and the US. It oversees €4.75 billion in assets, according to its website.
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Owners of life insurers as well as dealmaking in the sector have come under increased scrutiny by European regulators following the collapse of Italy’s Eurovita in 2023, which was owned by the UK buyout firm Cinven.
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—With assistance from Shirley Zhao and Crystal Tse.
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English (US)