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Frankfurter Leben Gruppe acquires Athora Deutschland and welcomes DWS as investor
8/13/2026
Seventh acquisition increases portfolio to around 800,000 clients and approximately EUR 17 billion in Assets under Management
DWS to become strategic partner for growth and asset management
Strengthening of the independent platform with significant synergy potential
For further information please contact:
Frankfurter Leben Gruppe, an independent consolidator of life insurance portfolios, is acquiring Athora Deutschland in its seventh transaction. DWS Group will support the transaction as a long-term financing partner and collaborate strategically with Frankfurter Leben. The acquisition of Athora Deutschland strengthens the position of Frankfurter Leben Gruppe, founded in 2015, as a specialist in portfolio management and contributes to market consolidation.
“The business of a life insurance consolidator is built on efficiency, for the benefit of both clients and investors. With the acquisition of Athora Germany, we are underlining our ambition to have the best approach for this,” said Dr. Christian Wrede, CEO of Frankfurter Leben Holding GmbH & Co. KG. “DWS’s commitment reinforces our conviction. At the same time, the strategic partnership with one of the leading asset managers in the insurance sector opens up further development prospects for us.”
High efficiency in investment management
Managing investments for policyholders is one of the core responsibilities of run-off platforms. Increasing regulatory requirements demand extensive expertise and access to international investment solutions. The cooperation between Frankfurter Leben and DWS makes it possible to use corresponding scale advantages and also gain efficiency in investment management.
For DWS, the partnership with Frankfurter Leben strengthens two strategically attractive growth areas: institutional insurance clients and alternative investments.
“We see run-off platforms as a growth area in which we can contribute our expertise in a targeted way. We are therefore pleased to support Frankfurter Leben, an experienced partner, in the consolidation of the German life insurance market,” said Dr. Stefan Hoops, CEO of DWS Group. “With our long-standing experience as a leading provider of client-focused retirement solutions in our home market and our investment expertise in Alternatives, DWS is ideally positioned to become the preferred partner for managing Frankfurter Leben Gruppe’s alternative investments. This strengthens our institutional insurance business and expands our presence in the growing market for insurance investments. At the same time, our investment expertise can help deliver enhanced outcomes for Frankfurter Leben’s clients.”
Client-focused and cost-efficient policy administration
“As a specialist consolidator with a long track record in the German market, Frankfurter Leben is well-placed to continue the prudent and effective management of the Athora Germany business in run-off. As Athora Group continues to focus on building scale and organic growth in each country where we operate, we believe this transition will provide the best long-term path for all parties,” says Todd Solash, Group Chief Executive Officer of Athora.”
Frankfurter Leben Gruppe provides efficient and cost-effective administration of life insurance policies aligned with policyholders’ long-term objectives. Clients benefit from a lower cost base, market-based surplus participation and very good customer service. Together with the Athora portfolios, Frankfurter Leben will in future serve around 800,000 clients and manage investment assets of approximately EUR 17 billion. The collaboration with Athora can potentially generate further cost advantages. In addition, Athora clients should benefit from migration to modern IT systems and streamlined administration.
“Overall, this transaction represents a win-win situation for all stakeholders. The pension reform is intensifying competition between life insurers and asset managers while increasing consolidation pressure across the market. We believe we are very well positioned to benefit from these developments,” Wrede concluded.
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 its subsidiaries. Employees will also transition as part of this change and 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 (RT1) 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 details.