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Allen & Overy advises Athora on the acquisition of a closed life insurance portfolio from AXA Germany

Allen & Overy has advised Athora Deutschland GmbH (Athora Germany) on the acquisition of a closed book portfolio of deferred annuities and endowments of the former DBV-Winterthur Life (DWL) from AXA Germany, representing EUR 19 billion in assets under administration (AuA), for a purchase price of EUR 610 million which is a significant discount to own funds. Including an estimated EUR 50 million of statutory earnings for 2022, AXA Germany is expected to receive EUR 660 million. 

The acquisition of the portfolio represents another step in Athora’s continued growth as a leading savings and retirement services group in key European markets. The transaction is transformational for the company in Germany which entered the market in 2015 and has built a strong track record in delivering market leading results for customers. The transaction is expected to close by the end of 2023 subject to receipt of requisite regulatory and other approvals.

The Allen & Overy team was led by partner Dr Jan Schroeder and counsel Dr Achim Schmid (both Insurance Transactional and Regulatory, Dusseldorf) and comprised partners Dr Hans Diekmann (Corporate/M&A, Dusseldorf), Dr Astrid Krueger (Corporate/M&A, Munich), Dr Heike Weber (Tax, Frankfurt), Dr Boerries Ahrens (Antitrust, Hamburg), Peter Wehner (Pensions, Frankfurt), Dr Jens Matthes (IP/IT, Dusseldorf) and Dr Michael Weiß (Corporate/M&A, Frankfurt), as well as counsel Dr Sebastian Schulz (Employment, Frankfurt). Furthermore, advice was given by senior associates Anna Kraeling (IP/IT, Dusseldorf), Dorothée Kupiek (Corporate/M&A, Dusseldorf), Juliane Dieckmann-Keden (Corporate/M&A, Hamburg) and Dr Ioannis Thanos (Antitrust, Hamburg) as well as associates Saber Baratzadeh (Insurance Transactional and Regulatory, Dusseldorf), Soeren Rathjens (Tax, Frankfurt), Vida Malakooti-Dehkordy (Corporate/M&A, Frankfurt) and Dr Sven Gunkel (Pensions, Frankfurt).

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