Athora enters Italy, plans to deploy ‘substantial capital’ in near future

European life insurance group  Athora has entered into the Italian insurance market, the third-largest in Europe, with plans to deploy “substantial capital” over the next few years in the region.

Athora has completed the acquisition of Italian life insurer Amissima Vita, which is backed by Apollo Global Management. The deal expands its operations to five European countries.

Athora is actively looking to further expand in the Italian market with the support of its long-term investor base who have committed €4.7 billion of capital to support growth. The insure seeks to develop the Italian life insurance market with a focus on traditional savings products.

Eric Viet,  Athora Group regional CEO and chairman of Amissima Vita, said: “Today is an important milestone for  Athora as we enter the Italian market through the acquisition of Amissima Vita and welcome over 150,000 customers and 95 employees. Under the continued leadership of Executive Vice President Andrea Moneta and CEO Jozef Bala, who have successfully led Amissima Vita’s growth and development, we plan to deploy substantial capital over the next few years in Italy and are actively looking at growth in the region.”

Andrea Moneta, executive vice president of Amissima Vita, added: “Over the last few years, and with the support of our shareholder Apollo, we have succeeded in transforming Amissima Vita into an important market player, with a high-profile distribution network and the ability to grow in an increasingly competitive environment. Becoming part of Athora now opens a new and exciting chapter for Amissima Vita: growth and consolidation in the Italian market.”

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