Athora Plans to Acquire Pension Insurance in a £5.7 Billion Transaction
In a significant move, Athora Holding Limited has agreed to acquire Pension Insurance Corporation Group Limited (PICG) in a deal valued at approximately £5.7 billion. This acquisition marks the first time PIC has been held by a single strategic owner since its establishment two decades ago.
Athora, a leading pan-European savings and retirement services group, currently manages and administers €76 billion, supporting around 2.8 million policyholders. Post-acquisition, Athora's assets will surpass €130 billion, making PIC the largest and fastest-growing business within the group.
The acquisition is expected to boost PIC's growth by providing access to long-term growth capital and asset origination capabilities. This will enable PIC to serve a larger portion of the UK savings and retirement market, particularly in the pension risk transfer sector, where it has already established itself as a top three provider.
The deal is seen as a strategic move to support PIC through its next phase of growth, allowing it to offer better pricing across a larger number of pension risk transfer deals.
The acquisition will be funded primarily through equity and long-term bank debt. Athora is backed by permanent capital owners, including Apollo Global Management, Athene Holding, and long-term institutional investors such as a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). PICG's current shareholders include Reinet, ADIA, CVC Capital Partners, HPS Investment Partners, and various other stakeholders.
Dillie Malherbe, Director of Reinet Investments Manager, has been a shareholder in PICG since 2018, and her investment supported PIC's growth as it strengthened its position in the UK pension risk transfer market. Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, has partnered with PIC over the past eight years.
The transaction is subject to customary closing conditions, including regulatory approvals from the Prudential Regulation Authority, and is expected to close in early 2026. Upon completion, PIC will become Athora's UK insurance business, operating under the existing PIC and penguin brands.
Tracy Blackwell, CEO of PIC, is delighted about the agreed transaction, and Mike Wells, CEO of Athora, has overseen a 900% increase in the size of PIC since 2012. PIC has a portfolio of £50.9 billion that backs the pensions of 400,000 individuals and has invested £30 billion in the UK, including £13.8 billion in housing and infrastructure.
The new group will have over €130 billion in assets, supporting the pensions of over three million savers and retirees across Europe. This acquisition is set to reshape the pension industry, with PIC poised to play a significant role in Athora's expansion plans.
- This acquisition will enable Athora, a leading pan-European savings and retirement services group, to significantly expand its business, as the addition of Pension Insurance Corporation (PIC) will increase Athora's assets to surpass €130 billion, positioning PIC as the largest and fastest-growing business within the group.
- The strategic move to acquire PIC is expected to boost Athora's growth in the real-estate sector, as the deal will provide PIC with access to long-term growth capital and asset origination capabilities, enabling it to invest more in the UK, particularly in the housing and infrastructure market.
