Deutsche Bank and its asset management arm DWS Group are exploring a potential minority investment in Frankfurter Leben Gruppe.
Frankfurter Leben is majority-owned by Fosun International. Any investment by Deutsche Bank would mark a shift back into life insurance, a sector the bank exited roughly a decade ago as it streamlined capital use and reduced balance sheet intensity.
People familiar with the matter say Deutsche Bank and DWS are discussing a capital injection in exchange for a significant minority stake, according to Bloomberg. Talks remain early-stage and there is no assurance a transaction will move forward.
Frankfurter Leben oversees about 700,000 life policies and manages roughly €13 bn in assets, equivalent to about $15.5 bn. The group employs around 170 staff and focuses on acquiring closed or capital-intensive life books in Germany.
If talks progress, Frankfurter Leben could gain fresh firepower to resume acquisitions and potentially restart writing new life insurance business.
Sources say expansion remains central to its strategy as more insurers reassess long-dated liabilities.
One potential target under discussion is Zurich Insurance Group’s German life insurance portfolio, which holds close to $20 bn in assets. Zurich is reported to be seeking buyers for the business as part of broader portfolio optimisation.
Other assets in play include Condor, owned by R+V Versicherung. Sources also point to Athora Holding, backed by Apollo Global Management, which is said to be reviewing options for its German unit following operational strain in the market.
A deal would reverse Deutsche Bank’s long retreat from life insurance. Over the past decade, the bank sold multiple insurance assets, including Abbey Life, which it divested to Phoenix Group.
Earlier, in 2002, Deutsche Bank sold its German insurer Deutscher Herold to Zurich, the same portfolio now reportedly back on the market.
DWS has previously signalled interest in life insurance as an asset management adjacency, where long-duration liabilities pair naturally with fee-based investment mandates.
According to Beinsure, renewed bank interest in life insurance reflects improving returns as consolidation reshapes the German market.
