Apollo’s Athora Affiliate Nears Deal for $15 Billion AXA Book

Athora Holding Ltd., an insurance affiliate of Apollo Global Management Inc., is nearing a deal to buy a life portfolio in Germany from AXA SA, people familiar with the matter said.

The deal will include the transfer of more than $15 billion in liabilities mostly related to annuity products, according to the people, who asked not to be identified discussing confidential information. A transaction may be announced in the coming weeks, the people said.

Representatives for Apollo, Athora and AXA declined to comment.

The market for back books, or portfolios of old insurance policies, has been an ...