DWS Joins Frankfurter Leben Gruppe as Strategic Investor in Athora Deutschland Acquisition

DWS Joins Frankfurter Leben Gruppe as Strategic Investor in Athora Deutschland Acquisition

(IN BRIEF) Frankfurter Leben Gruppe is acquiring Athora Deutschland in its seventh transaction, expanding its portfolio to around 800,000 clients and approximately EUR 17 billion in assets under management, while DWS Group will support the deal as a long-term financing partner and strategic asset management partner. The transaction will see Frankfurter Leben Holding GmbH & Co. KG acquire Athora Verwaltungs GmbH and Athora Deutschland GmbH & Co. KG, including their subsidiaries, with employees transferring and continuing to service Athora portfolios. DWS will invest a low to mid double-digit million euro amount in a Restricted Tier 1 capital instrument, providing hybrid capital and supporting cooperation in investment management, particularly in institutional insurance and alternative investments. Frankfurter Leben said the acquisition strengthens its position as an independent life insurance portfolio consolidator and could deliver cost advantages, modern IT migration and streamlined administration for Athora clients, while completion remains subject to regulatory approvals and is expected in mid-2027.

(PRESS RELEASE) FRANKFURT, 13-Aug-2026 — /EuropaWire/ — Frankfurter Leben Gruppe, an independent consolidator of life insurance portfolios, has announced the acquisition of Athora Deutschland in what will be the Group’s seventh transaction.

The acquisition will increase Frankfurter Leben Gruppe’s portfolio to around 800,000 clients and approximately EUR 17 billion in assets under management.

As part of the transaction, DWS Group will support Frankfurter Leben Gruppe as a long-term financing partner and will also enter into a strategic collaboration with the company.

The agreement strengthens Frankfurter Leben Gruppe’s position as a specialist in life insurance portfolio management and further supports consolidation in the German life insurance market.

Dr Christian Wrede, CEO of Frankfurter Leben Holding GmbH & Co. KG, said the business model of a life insurance consolidator is based on efficiency for the benefit of both clients and investors.

He said the acquisition of Athora Germany underlines Frankfurter Leben Gruppe’s ambition to pursue what it sees as the best approach in this segment.

Wrede added that DWS’s commitment reinforces the company’s conviction, while the strategic partnership with one of the leading asset managers in the insurance sector opens up further development opportunities.

Increased efficiency in investment management

Frankfurter Leben Gruppe said investment management for policyholders is one of the core responsibilities of run-off platforms.

As regulatory requirements continue to increase, such platforms require broad expertise and access to international investment solutions.

The cooperation between Frankfurter Leben Gruppe and DWS is intended to create scale advantages and improve efficiency in investment management.

For DWS, the partnership with Frankfurter Leben Gruppe supports two strategically attractive growth areas: institutional insurance clients and alternative investments.

Dr Stefan Hoops, CEO of DWS Group, said run-off platforms represent a growth area where DWS can contribute its expertise in a targeted way.

He said DWS is pleased to support Frankfurter Leben Gruppe, an experienced partner, in the consolidation of the German life insurance market.

Hoops added that, with its long-standing experience as a leading provider of client-focused retirement solutions in its home market and its expertise in alternatives, DWS is well positioned to become the preferred partner for managing Frankfurter Leben Gruppe’s alternative investments.

He said the partnership strengthens DWS’s institutional insurance business and expands its presence in the growing market for insurance investments, while its investment expertise can help deliver enhanced outcomes for Frankfurter Leben Gruppe’s clients.

Client-focused and cost-efficient policy administration

Todd Solash, Group Chief Executive Officer of Athora, said Frankfurter Leben Gruppe is well positioned to continue the prudent and effective management of Athora Germany’s run-off business.

He said that as Athora Group continues to focus on building scale and organic growth in the countries where it operates, the transition offers the best long-term path for all parties.

Frankfurter Leben Gruppe specialises in the efficient and cost-effective administration of life insurance policies, aligned with policyholders’ long-term objectives.

The Group said clients benefit from a lower cost base, market-based surplus participation and strong customer service.

Together with the Athora portfolios, Frankfurter Leben Gruppe will in future serve around 800,000 clients and manage investment assets of approximately EUR 17 billion.

The collaboration with Athora could also generate additional cost advantages.

Athora clients are also expected to benefit from migration to modern IT systems and more streamlined administration.

Wrede said the transaction represents a win-win situation for all stakeholders.

He added that pension reform is increasing competition between life insurers and asset managers while creating additional consolidation pressure across the market, and said Frankfurter Leben Gruppe believes it is well positioned to benefit from these developments.

Continuity in client service

As part of the acquisition, Frankfurter Leben Holding GmbH & Co. KG will acquire Athora Verwaltungs GmbH and Athora Deutschland GmbH & Co. KG, including their subsidiaries.

Employees will also transfer as part of the transaction and will continue to service Athora portfolios.

As strategic financing partner, DWS will invest a low to mid double-digit million euro amount in a Restricted Tier 1 capital instrument of Frankfurter Leben Gruppe, thereby providing hybrid capital.

Completion of the transaction remains subject to regulatory approvals and is expected in mid-2027.

The parties have agreed not to disclose further financial details.

For fur­ther in­form­a­tion please con­tact:

Karsten Swoboda
karsten.swoboda@db.com
+49 69 910 14941

Dr Hubert Becker, USC (Frankfurter Leben)
hb@us-communications.com
+49 160 5801877

About DWS Group

DWS Group (DWS), with EUR 1,190 billion of assets under management (as of 30 June 2026), is a leading European asset manager with global reach. With approximately 5,000 employees in offices around the world, DWS offers individuals, institutions and large corporations access to comprehensive investment solutions and bespoke portfolios across the full spectrum of investment disciplines. Its diverse expertise in Active, Passive and Alternative asset management enables DWS to deliver targeted solutions for clients across all major liquid and illiquid asset classes. www.dws.com

About Frankfurter Leben Gruppe

Frankfurter Leben Gruppe specializes in acquiring life insurance portfolios from insurance companies and continuing to manage them. For clients, nothing changes: insurance policies continue with unchanged guarantees, terms and conditions. The insurance companies are subject to state supervision by the German Federal Financial Supervisory Authority (BaFin) and are members of the statutory guarantee scheme. Frankfurter Leben Gruppe currently includes Frankfurter Lebensversicherung AG, which also insures the Landeslebenshilfe portfolio, Frankfurt Münchener Lebensversicherung AG, Pro bAV Pensionskasse, Prudentia Pensionskasse and Frankfurter Pensionskasse. www.flgruppe.de/

About Athora

Athora is a leading European savings and retirement services group. Athora concentrates on the large and attractive traditional life and pensions market, serving the needs of individual and corporate customers who continue to demand products with guarantees. Athora has assets under management and administration (AuMA) of €139 billion, c.2,100 employees and approximately 3.1 million customers (as of 31 December 2025 – figures are pro forma for Athora’s UK acquisition of PICG which completed in March 2026, and include Athora Germany prior to the announced sale which is expected to complete in mid- 2027, subject to approvals).
Athora Germany is a closed book of traditional life, unit-linked and pension policies, collectively totalling €3.5 billion of AuMA. www.athora.com

SOURCE: DWS Group