• Allianz, BlackRock and T&D Holdings invest in Viridium Group. Generali Financial Holdings¹and Hannover Re remain investors in Viridium joining the Consortium. Cinven will exit its investment after more than ten years
• Viridium will continue to operate as an independent, stand-alone platform for the management of closed life insurance portfolios
• The ownership by top-tier insurers, asset managers and other long-term financial investors will further strengthen Viridium’s position as a leading European life insurance consolidator, supporting it to ensure a financially secure future for its existing 3.4 million and future policyholders
• This partnership 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
•  Viridium’s policyholders will benefit from elevated insurance and asset management capabilities, which will also support Viridium’s ability to capitalize on the growth opportunities of a fragmented European life insurance industry
• Viridium’s insurance business is expected to continue generating stable earnings and attractive financial returns for its shareholders, with significant growth opportunities in Germany and Europe as the business continues to scale

Hanover, Munich, Neu-Isenburg, New York, March 19, 2025

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 majority investment 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 operate as 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 will be 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.

Financial details
The transaction value amounts to approximately EUR 3.5 bn². Ownership is distributed among consortium members and financial investors, with T&D Holdings acquiring the largest share³.

For further information please contact:

Allianz 
Florian Amberg 
+49 151 42480185 
florian.amberg@allianz.com
Heidi Polke
+49 152 54529536 
heidi.polke@allianz.com
Frank Stoffel
+49 160 90115157 
frank.stoffel@allianz.com

BlackRock
Nadia Bauer
+49 172 8619454
nadia.bauer@blackrock.com
Marc Bubeck
+49 1723561575
marc.bubeck@blackrock.com

Generali Financial Holdings 
Generali Group Media Relations 
+39 040 671111 
media@generali.com

Hannover Re 
Oliver Süß
+ 49 511 56041502 
oliver.suess@hannover-re.com

T&D Holdings, Inc
Public Relations Department 
+81 332726115 
tdhd.kouhou@td-holdings.co.jp

Viridium
Sara Yussefi 
+49 162 2592031 
sara.yussefi@viridium-gruppe.com

About 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.

About Allianz 
The Allianz Group is one of the world’s leading insurers and asset managers with around 128 million⁴ 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.

About 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.

About 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”.

About 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). In 2020, T&D made a significant investment in Fortitude Re, a Bermuda-based

1. Generali Financial Holdings FCP-FIS Sub-fund 2, a sub-fund of Generali Financial Holdings FCP-FIS.
2. Headline price, including equity and debt financing.
3. Due to the ownership structure the investment is not fully consolidated by any shareholder.
4. Including non-consolidated entities with Allianz customers.
5. As of December 31, 2024.
6. As of December 31, 2024.