Frankfurter Leben is preparing an offer for Athora Holding’s business in Germany, reported Bloomberg, citing sources.
The German unit is also attracting interest from IKAV, an asset manager, the sources said.
The latest suitor is a life insurance run-off specialist controlled by Fosun International.
Final-round bids from both parties are expected soon, the sources said, cautioning that the process may not result in a transaction.
Apollo Global Management-backed Athora has been weighing the future of its German operation, including a possible disposal, after finding it difficult to expand the business, it was reported in January.
Athora, Apollo Global Management and Frankfurter Leben all declined to comment through their representatives.
IKAV and Fosun did not reply to the news agency’s requests for comment.
The division oversees a closed-book portfolio made up of traditional life insurance, unit-linked products and pension policies for approximately 140,000 customers.
It has more than 100 employees and €3.5bn ($4bn) of assets under management and administration.
Separately, Athora said in March that it plans to move its headquarters from Bermuda to the UK by late 2027, subject to regulatory approvals.
The move would involve transferring Athora’s business to a new public limited company incorporated in England and Wales, which would become the group’s new holding company.
During the transition, the Bermuda Monetary Authority will continue as group supervisor.
That announcement came alongside the completion of Athora’s acquisition of Britain’s Pension Insurance, a deal that lifted the group’s assets under management and administration to €139bn, almost double the previous level.
Apollo Global Management owns around 24.5% of Athora.
Frankfurter Leben manages around 700,000 insurance contracts and has an investment portfolio of roughly €13bn.
IKAV focuses on energy infrastructure investing and has offices in Germany, Luxembourg and the US, among other locations. Its website says it manages €4.75bn in assets.
Ownership of life insurers and deal activity across the sector have come under closer examination from European regulators since the 2023 collapse of Italy’s Eurovita, which had been owned by UK buyout company Cinven.
“Frankfurter Leben lines up offer for Athora’s German unit – report ” was originally created and published by Life Insurance International, a GlobalData owned brand.