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Athora completes third capital raise

Landmark year: Mike Wells, Athora Group CEO (File photograph)

Bermudian-based Athora Holding Ltd has completed its third capital raise, securing a total of approximately €2.75 billion of additional permanent equity capital commitments from new and existing shareholders.

The total raised includes commitments of more than €2 billion announced on November 2.

The capital raise has been conducted as a private placement of common equity securities.

The company said it is the latest milestone in a landmark year in which Athora was selected as the preferred bidder for a closed-life portfolio from Axa Germany and completed the acquisitions of Athora Italia S.p.A (formerly Amissima Vita S.p.A) and a closed-life portfolio from NN Insurance Belgium.

In May, the group’s strong financial performance, business profile and capitalisation led to a second upgrade in two years from Fitch Ratings to A1.

Since its inception in 2018, Athora said, it has raised about €6.75 billion of total equity capital. The additional undrawn capital will allow Athora to continue to execute on its growth strategy, further establishing scaled positions in key European markets, including the above-referenced transaction with Axa Germany, which is expected to close in late 2023 subject to regulatory approvals.

Athora said it continues to be supported by sovereign, pension and other institutional investors, demonstrating the high-quality and long-time horizon of its leading institutional investor base.

Apollo (including Athene) has committed €600 million in total as part of this capital raise, as previously announced on November 2, the company said.

Mike Wells, Athora Group CEO, said: “The completion of this capital raise will allow Athora to further enhance its position as a leading European savings and retirement services group, and demonstrates the strength of our business model and growth strategy.

“In each capital raise, Athora has added new leading investors to the shareholder base, a testament to Athora’s strong market positioning and attractive business model. As a long-term savings and retirement services group, the support of an investor base with a long-term focus positions Athora uniquely in the industry.”

Athora’s principal subsidiaries include Bermudian-based Athora Life Re Ltd.

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Published December 16, 2022 at 7:49 am (Updated December 16, 2022 at 7:49 am)

Athora completes third capital raise

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