European savings and retirement services group Athora to acquire Pension Insurance Corporation Group
PICG will become the UK insurance business of Athora and continue to operate under the PIC (and penguin) brand, benefitting from increased access to long-term growth capital and enhanced asset origination expertise as part of Athora
Acquisition to create a pan-European savings and retirement services champion, establishing a leading position in the UK Pensions market to complement Athora's existing operations in the Netherlands, Belgium, Italy and Germany
LONDON, July 3, 2025 /PRNewswire/ — Athora Holding Ltd. (Athora or the Group) and Pension Insurance Corporation Group Limited (PICG), one of the UK's leading pension solutions providers, today announced that Athora and the shareholders of PICG – Reinet Fund S.C.A., F.I.S.; a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA); funds managed by CVC Capital Partners (CVC) and HPS Investment Partners (collectively, the Consortium) – have entered into a definitive agreement for Athora to acquire PICG for approximately £5.7 billion. Upon completion, PICG will become Athora's UK insurance business, operating under the Pension Insurance Corporation (PIC) and Penguin brands.
Athora is a leading European savings and retirement services business with €76 billion of Assets under Management and Administration (AuMA), serving approximately 2.8 million policyholders. Athora is backed by permanent capital owners, including a strategic minority investment by Apollo Global Management and Athene Holding Ltd, and long term institutional investors such as a wholly owned subsidiary of ADIA.
As a result of the transaction, PICG will become Athora's UK subsidiary, maintaining its long tenured team, dedication to customer service, robust capitalisation and disciplined investment philosophy.
In addition, PIC is poised to benefit from broader resources, long-term growth capital, and enhanced asset origination capabilities, including in private investment grade credit resulting from Athora's strategic relationship with Apollo. Together, Athora and PIC believe the combination will accelerate scaled, high-grade financing in the UK market, increasing productive investment in the economy and supporting retirement outcomes for pensioners.
The acquisition of PICG by the Athora Group will create one of Europe's largest insured savings and retirement services businesses, building on existing subsidiaries in the Netherlands, Italy, Belgium and Germany.
Commenting on the acquisition, Mike Wells, Athora's Group Chief Executive Officer, said:
'We are pleased for PICG to become Athora's first UK insurance business, maintaining its great team, brand and utmost commitment to serving its customers. The acquisition by Athora will enhance access to long-term growth capital and asset origination capabilities, enabling PIC to serve more of the UK savings and retirement market, where it has already established itself as a top three provider in pension risk transfer.'
Wells continued, 'Today, PIC is a significant investor in the UK economy and, as part of Athora, we believe it will play an even more meaningful role in providing long-duration financing for infrastructure and other long-term assets.'
Tracy Blackwell, CEO of PIC, said:
'PIC has had an amazing growth story over the past two decades and is now one of Britain's preeminent pension businesses. This success has been based on a simple purpose, which is to pay the pensions of our current and future policyholders. Athora's investment is validation of what we have always believed: that PIC's reputation, strategy, fortress balance sheet, purpose, and most importantly our people combine to make this a unique business in a huge and growing market.
'With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in the UK economy and infrastructure. The pension risk transfer market is vital to the wellbeing of millions of UK pensioners and the allocation of tens of billions of pounds of investment into the UK's economy. This acquisition and the potential for growth that it represents is, in our view, the strongest possible recognition of the value and importance of the pension risk transfer market, the sector that PIC helped to create and continues to lead.'
After adjusting for the acquisition, Athora will have approximately €135[1] billion of AuMA, representing a 78% increase on the year-end 2024 level. The acquisition will be funded primarily by equity as well as long-term bank debt. Pro forma for the transaction, Athora expects to maintain solvency ratio above its target levels.
The proposed transaction is expected to close in early 2026. Completion of the transaction is contingent upon satisfaction of customary closing conditions, including regulatory approvals from the PRA.
About PIC:
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At year end 2024, PIC had insured 400,000 pension scheme members and had a portfolio of £50.9 billion, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of £16.2 billion to its policyholders and has invested £13.8 billion in UK private investments, including housing and infrastructure, creating considerable social value. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
About Athora:
Since inception in 2018, Athora has grown to be one of the leading savings and retirement services providers in continental Europe. Athora has primary insurance operations in the Netherlands, Belgium, Germany and Italy. As of year-end 2024, Athora's AuMA totalled €76 billion, representing the savings of 2.8 million customers. Athora has completed seven M&A transactions, alongside nine Pension Risk Transfer transactions in the Netherlands. Athora has a strong track record of providing attractive outcomes for its customers, reflecting the merits of its business model and access to differentiated investment capabilities through a strategic partnership with Apollo Global Management.
Disclaimer:
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014). For the purposes of Market Abuse Regulation (EU) 596/2014 and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Ben Adams, Director of External Communications for Athora Holding Limited.
Certain information contained herein may be 'forward-looking' in nature. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such information. Forward-looking statements may be identified by the use of terminology including, but not limited to, 'may,' 'will,' 'should,' 'expect,' 'anticipate,' 'target,' 'project,' 'estimate,' 'intend,' 'continue' or 'believe' or the negatives thereof or other variations thereon or comparable terminology.
[1] GBP/EUR exchange rate: 1.16891 as at 30 June, 2025 (SimCorp Accounting)
Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
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