AXA and Athora have mutually agreed to terminate a sale agreement related to the purchase of a closed life and pensions portfolio from AXA Germany.
AXA will instead retain this portfolio, the sale of which was announced in July 2022.
Separately, AXA subsidiary AXA Life Europe has entered into a reinsurance agreement with New Reinsurance Company, a subsidiary of Munich Re, that covers approximately EUR 3bn of Variable Annuity reserves.
This transaction will result in a reduction in underlying earnings of ca. EUR 20m per annum from 2024 onwards which AXA intends to offset with a EUR 0.2bn share buyback that it intends to be completed by year-end.