Bermudian-based Athora is closing in on a deal to sell its German unit to Frankfurter Leben, the life insurance consolidator controlled by China’s Fosun International, people with knowledge of the process said.

A sale of the German business of Athora, which is backed by Apollo Global Management Inc, could be announced as soon as this month, some of the people said, asking not to be identified as the process is private.

Talks could still fall apart or other bidders may emerge, and there’s no certainty an agreement will ultimately be reached, the people added. Representatives for Frankfurter Leben and Athora declined to comment.

Athora has been exploring options for the German division including a potential sale, after struggling to grow, Bloomberg News reported in January. 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 (about $4 billion) in assets under management and administration and more than 100 staff.

Athora said earlier this year it will move its headquarters to Britain 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 per cent of Athora.

Fosun’s Frankfurter Leben manages about 700,000 insurance contracts with an investment portfolio of roughly €13 billion.

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 British buyout firm Cinven.