Bermuda-domiciled Athora Holding Ltd, an insurance and reinsurance group focused on the European market, has reported a €700 million ($829 million) profit before tax from continuing operations for 2020.

That compares with a €13 million ($15.4 million) loss for the prior year.

Athora has also reported year-end assets under administration of €83 billion ($98.3 billion), up from €15 billion at the end of 2019. The total was boosted by the acquisition of VIVAT, the second largest life insurer in the Netherlands, which is now Athora Netherlands.

The group supports more than 2.5 million policyholders, and has reported its inaugural estimated Bermuda Solvency Capital Requirement ratio of 242 per cent.

Athora's subsidiaries include Bermudian-based Athora Life Re Ltd. It also has subsidiaries in Great Britain, Ireland, Germany, Belgium and the Netherlands.

Athora said that 98 per cent of its employees were able to work from home during the Covid-19 pandemic, and it had achieved undisrupted customer service.

In December, it made its inaugural reinsurance transaction with an Irish life insurer.

Athora was cofounded by Bermudian-based Athene Holding and Apollo Global Management. It was a subsidiary of Athene until January 1, 2018 when Athene deconsolidated Athora through a private offering of equity securities.

Michele Bareggi, Athora group chief executive officer, said: "2020 was a year of significant progress and growth for this group, despite pandemic related disruption and challenging financial markets. Our solid performance reflects the merits of our business model, together with the added value that our strategic relationship with Apollo brings.

"We are particularly pleased to have delivered increased organic capital generation in Germany and Belgium, two business units well advanced in the integration of our business model."

He added: "We have completed the first stage of our group’s strategic journey – achieving a critical mass with further potential to grow through the purchase of the second largest life insurer in the Netherlands."

Mr Bareggi thanked Athora's employees for their dedication and resourcefulness that had helped the group achieve "more than expected in the three years since becoming an independent group".