Deutsche Bank's (DB) DWS is partnering with life insurance consolidator Frankfurter Leben to acquire Athora Deutschland.

The partnership enables DWS, a provider of retirement services, to target growth in institutional insurance clients and alternative investments while helping Frankfurter Leben with consolidation in Germany's life insurance industry, according to a statement Wednesday.

"This strengthens our institutional insurance business and expands our presence in the growing market for insurance investments," Stefan Hoops, chief executive of DWS, said in the statement. "At the same time, our investment expertise can help deliver enhanced outcomes for Frankfurter Leben's clients."

Including Athoras, Frankfurter Leben's portfolio will expand to about 800,000 clients with about 17 billion euros ($19.6 billion) in assets under management.

DWS will invest a "low to mid double-digit million euro amount," providing hybrid capital to Frankfurter Leben, according to the statement. The deal is expected to complete by the middle of next year.