Athora abandons plans to buy German run-off insurance portfolio from Axa

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Athora Holding has given up on plans to buy a German portfolio of run-off life insurance policies from the French insurer AXA, it said on Thursday. The parties announced the sale of the portfolio, with a volume of 16 billion euros ($17.13 billion), for 660 million euros in 2022. But Athora, which describes itself as a savings and retirement services group, said on Thursday that financial conditions had changed, and it had mutually agreed with AXA not to pursue the deal for the portfolio of policies that is known as "run-off" because it is not taking on any new business.