Axa, Apollo’s Athora Scrap Life-Insurance Deal in Germany

Athora Holding Ltd., an insurance affiliate of Apollo Global Management Inc., and Axa SA have terminated a deal to transfer life insurance policies in Germany almost two years after announcing it.

The deal was meant to shift €19 billion ($20.3 billion) of Axa’s liabilities — mostly related to annuity products — to Athora, according to a statement in July 2022. The termination agreement is “consistent with the contractual terms of the sale agreement,” according to Athora’s statement on Thursday.

Both firms agreed to terminate the deal following “significant changes in financial market conditions,” Athora said. Interest rates have ...