Allianz is said to be in exclusive discussions with Cinven about the takeover of the insurance specialist Viridium.
According to people who are familiar with the matter, the purchase amount should amount to around 3 billion euros. The time of a possible degree could not be found. The Allianz prevailed against competing bidders, including Athora, an insurer associated with Apollo Global Management, said one of the people.
The company Viridium, also based in Germany, buys closed stocks in old life insurance policies from other insurers. As a consolidator, the company tries to reduce costs through size advantages and improve the investment results in order to increase profits and increase returns for the policyholder. According to its website, the group manages assets of more than 67 billion euros. In 2023, Viridium generated a net profit of 342 million euros compared to 331 million euros in the previous year.
In 2013, Cinven acquired Viridium from British Lloyds Banking Group for around 300 million euros to consolidate the fragmented German life insurance market from there. Since then, the company has grown through takeovers, among other things by buying a local division of the Italian general.
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