Bermudian-domiciled Athora Holding Ltd, an insurance and reinsurance group focused on the European market, has reported a €428 million ($462 million) profit before tax from continuing operations in 2021.

That compares with a 2020 profit of €709 million ($766 million).

The company said the reduction compared with 2020 is primarily attributable to the non-recurrence of the one-off gain on acquisition of Athora Netherlands of €213 million ($230 million) recognised in 2020.

Athora’s subsidiaries include Bermudian-based Athora Life Re Ltd.

Athora reported year-end assets under administration of €79 billion ($85 billion) compared with FY 2020 of €82 billion ($89 billion), decreased slightly as a result of rising interest rates with a corresponding reduction in the related insurance provisions.

The group said it saw continued progress against its strategic objectives including an agreement to acquire Amissima Vita in Italy, a transaction with insurer NN Insurance Belgium to acquire a portfolio in Belgium, and the disposal of non-core assets in the Netherlands and Ireland.

It added that it delivered robust financial performance in 2021 underpinned by its core investment capabilities, supported by its strategic relationship with Apollo.

Athora said its Estimated Group Bermuda Solvency Capital Requirement (BSCR) ratio remains robust at 187 per cent (2020: 200 per cent).

In December 2021, Athora said, it completed a capital call, securing €630 million ($681 million) of new capital commitments.

Michele Bareggi, group chief executive officer of Athora, said: "I am pleased with the progress we made in 2021 to consolidate our unique position in the European insurance market, as we continued to deliver on our business case. We focused on providing security and attractive returns to our customers during uncertain times, while continuing to meet the expectations of our investors and other stakeholders.

“During the year, we secured €630 million ($681 million) of new equity commitments, bringing total committed equity capital to c.€4.7 billion ($5.1 billion). This additional capital will be used to support continued growth, investments in our business units and the overall financial flexibility of the group.

“We ended the year with most business units achieving strong increases in solvency capital and a robust group solvency capital position. In addition, our leverage ratio is at our medium-term target and we have achieved credit rating upgrades to A-. Athora is extremely well positioned for the next stage of our journey.”

He added: “Looking ahead, we will continue to focus on implementing the key elements of our business model, building on the strong results that we have achieved to date.

“We want to realise our full potential as a leading European insurer, which means maturing our operations and controls, and driving forward our sustainability initiatives, to ensure we increase value to all our stakeholders.

“We will also focus on carefully integrating our latest acquisitions in Italy and Belgium, which are expected to close in 2022. As with prior transactions, we have allocated dedicated resources to manage the integration process so that there is a smooth transition into the Athora Group for both our new customers and employees.”