Insurer Athora raises $2 bln from investors

LONDON, Nov 2 (Reuters) - Athora has raised two billion euros ($1.98 billion) in equity commitments from new and existing shareholders, the specialist European life insurer said on Wednesday.

The capital raise includes commitments of 600 million euros received in December 2021 from founding shareholders Apollo Global Management and Athene Holding, Athora said in a statement.

Athora focuses on buying up books of life insurance policies, many of which are closed to new customers. Specialist providers like Athora say they use economies of scale to manage the policies more efficiently.

Athora is buying a 16 billion euro closed life book from AXA Germany and recently completed the purchase of a closed life book from NN Group's Belgian unit.

Athora's assets under administration following completion of the AXA Germany deal will total around 96 billion euros, the insurer said.

This is Athora's third funding round and brings total capital raised to over six billion euros since it was spun off from Athene Holding in 2018, it added.

Apollo Global bought insurance affiliate Athene last year.

Athora's funding round is due to finish by the end of 2022 and total commitments could reach more than 2.5 billion euros by then, Athora added.

"The completion of this capital raise will allow Athora to further enhance its position as a leading European savings and retirement services group," CEO Mike Wells said.

"We continue to enjoy strong support from our founding shareholders and have also welcomed several new, leading institutional investors into our shareholder register."

Athora's shareholders also include the Abu Dhabi Investment Authority. ($1 = 1.0120 euros)
Reporting by Carolyn Cohn Editing by Tomasz Janowski

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