Bermudian-based Athora Holding Ltd today said that an agreement between its subsidiary, Athora Deutschland GmbH, and AXA Germany to purchase the former DBV-Winterthur Life closed life book portfolio, agreed in July 2022, had been terminated.

A statement said: “The termination agreement is consistent with the contractual terms of the sale agreement between the parties and follows significant changes in financial market conditions since signing.

“Athora remains committed to further growth in the German savings and retirement services market and has meaningful undrawn equity capital, totalling €2.2 billion ($2.4 billion), to further grow its footprint in Europe.

“Athora is backed by permanent capital funded by a high-quality, long-term oriented shareholder base and operates a patient long-term strategy that continues to deliver market leading returns to customers in Germany.”