Germany Allianz, BlackRock and T&D Holdings Buy Germany Life Insurance Consolidator Viridium Group from Private Equity Firm Cinven at $3.8 Billion Transaction Value, Existing Shareholders are Generali Financial Holdings & Hannover Re, Founded in 2014 after Cinven Funds Invested in Germany Insurance Group Heidelberger Leben to Create a Single Platform in a Fragmented Germany Life Insurance Sector & was Renamed to Viridium Group
20th March 2025 | Hong Kong
Germany Allianz, BlackRock and T&D Holdings have announced to buy Germany life insurance consolidator Viridium Group from private equity firm Cinven at $3.8 billion transaction value. Viridium Group other existing shareholders are Generali Financial Holdings & Hannover Re. Viridium Group was founded in 2014 after Cinven Funds invested in Germany insurance group Heidelberger Leben to create a single platform in a fragmented Germany life insurance sector & was renamed to Viridium Group. Announcement (19/3/25): “A consortium including Allianz, BlackRock and T&D Holdings will acquire ownership of Viridium Group (Viridium), a leading European life insurance consolidation platform, from Cinven. Generali Financial Holdings and Hannover Re remain investors. The consortium is structured to also enable the addition of other long-term financial investors. Through this transaction, Cinven exits from its majorityinvestment in Viridium after more than a decade of developing a highly successful insurance business. Viridium will remain an independent stand-alone platform, led by the current management team. It will continue to specialize exclusively in consolidating and managing life insurance portfolios and operateas a long-term partner to the European insurance industry. This partnership between leading financial institutions and Viridium will contribute to the development of the European closed-life market and will further provide the European insurance industry with optionality for the management of closed-life books. The strong financial standing of the consortium investors will enable Viridium to continue growing successfully as an independent stand-alone platform, providing a financially secure outlook for its current 3.4 million and future policyholders. The consortium’s leading asset management capabilities across a wide spectrum of asset classes, including private market strategies, will also support Viridium’s ability to generate attractive returns for its policyholders while maintaining a sound financial position. Coupled with the consortium’s deep insurance expertise and Viridium’s highly efficient scalable state-of-the-art IT platform, Viridium willbe uniquely positioned to capitalize on the growth opportunities arising from a fragmented European life insurance market. The transaction is expected to close in the second half of 2025. The completion of the transaction is subject to regulatory and merger-control approvals and other customary closing conditions. The transaction value amounts to approximately EUR 3.5 bn. Ownership is distributed among consortium members and financial investors, with T&D Holdings acquiring the largest share.”
“ Germany Allianz, BlackRock and T&D Holdings Buy Germany Life Insurance Consolidator Viridium Group from Private Equity Firm Cinven at $3.8 Billion Transaction Value, Existing Shareholders are Generali Financial Holdings & Hannover Re, Founded in 2014 after Cinven Funds Invested in Germany Insurance Group Heidelberger Leben to Create a Single Platform in a Fragmented Germany Life Insurance Sector & was Renamed to Viridium Group “
Viridium – Viridium Group is a leading German consolidator for life insurances with 3.4 million policyholders and 67 billion Euro assets under management (as per year-end 2023). With a market share of approximately five per cent, Viridium is one of the five largest life insurers in Germany, as well as the top 2 consolidator in Continental Europe and top 10 consolidator worldwide. Viridium makes existing life insurance policies more attractive and creates tangible value for its customers and shareholders. This is evidenced in improved returns, strong capitalization, and a single, modern business platform. Therefore, it makes an important contribution to ensuring that private pension plans with life insurance remains attractive in the future. Viridium is comprised of four life companies: Proxalto Lebensversicherung, Entis Lebensversicherung, Heidelberger Lebensversicherung and Skandia Lebensversicherung. Around 900 employees at Viridium are committed to the interests of its customers.
Allianz – The Allianz Group is one of the world’s leading insurers and asset managers with around 128 million private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 776 billion euros5 on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.9 trillion euros6 of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2024, over 156,000 employees achieved total business volume of 179.8 billion euros and an operating profit of 16.0 billion euros for the group.
Generali Financial Holdings – Generali Financial Holdings is a fund whose limited partners are certain Generali Group entities. Generali is one of the world’s largest insurance and asset management players. Established in 1831, it is present in over 50 countries in the world, with a total premium income of € 95.2 billion and more than € 800 billion AUM in 2024.
Hannover Re – Hannover Re is one of the world’s leading reinsurers. It transacts all lines of property and casualty and life and health reinsurance and is present worldwide with more than 3,500 staff. German business of the Hannover Re Group is written by the subsidiary E+S Rück. Established in 1966, Hannover Re is recognised as a reliable partner for innovative risk solutions, exceptional customer intimacy and financial soundness. The rating agencies most relevant to the insurance industry have awarded both Hannover Re and E+S Rück outstanding financial strength ratings: Standard & Poor’s AA- “Very Strong” and A.M. Best A+ “Superior”.
T&D Holdings, Inc – T&D Holdings, Inc. is a publicly listed life insurance group consisting of three life insurers in Japan: Taiyo Life Insurance Company, Daido Life Insurance Company and T&D Financial Life Insurance Company. The group holding company, headquartered in Tokyo, Japan is listed on the Tokyo Stock Exchange with a market capitalisation of JPY 1,453 billion (c. €8.3 billion). As of March 31, 2024, T&D had total assets of JPY 17,207 billion (c. €105.9 billion).
Germany Allianz, BlackRock and T&D Holdings Buy Germany Life Insurance Consolidator Viridium Group from Private Equity Firm Cinven at $3.8 Billion Transaction Value, Existing Shareholders are Generali Financial Holdings & Hannover Re, Founded in 2014 after Cinven Funds Invested in Germany Insurance Group Heidelberger Leben to Create a Single Platform in a Fragmented Germany Life Insurance Sector & was Renamed to Viridium Group
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