Pension Insurance Corporation Acquired by Athora for £5.7bn
Deal News | Jul 03, 2025 | Re-Insurance News
Athora Group, a leading Pan-European savings and retirement services entity, has announced its acquisition of Pension Insurance Corporation Group Limited (PICG) for £5.7 billion. PICG, a specialist insurer focused on UK defined benefit pension schemes, will become part of Athora's wider portfolio, enhancing the group's service capabilities in Europe. The acquisition will notably make PIC 45% of Athora's total assets under management, invigorating Athora's strategic vision to bolster the UK pension insurance market. The deal, subject to regulatory approval, is anticipated to finalize by early 2026, consolidating PIC's reputation as a strong player in the pension risk transfer sector. With stakeholders like Apollo Global Management and the Abu Dhabi Investment Authority supporting the move, Athora aims to expand its investment in UK housing and infrastructure. The transaction reaffirms PIC's dedication to providing high-level customer service and robust investment strategies for the fiscal future of over 400,000 pension policyholders.
Sectors
- Insurance
- Financial Services
- Private Equity & Investment Management
- Infrastructure Investment
Geography
- United Kingdom – The core operations and impact of the Pension Insurance Corporation are focused in the UK, where it serves UK defined benefit pension schemes.
- Pan-European – Athora operates across Europe with existing businesses in countries like the Netherlands, Italy, Belgium, and Germany, making it a Pan-European player.
- United Arab Emirates – The Abu Dhabi Investment Authority, a major stakeholder, is based in the UAE, indicating its geographic relevance.
Industry
- Insurance – The article discusses Athora’s acquisition of Pension Insurance Corporation, a specialist insurer handling UK defined benefit pension schemes.
- Financial Services – Athora, as a savings and retirement services group, operates primarily within the financial services industry, managing substantial assets and investments.
- Private Equity & Investment Management – The acquisition also involves strategic investments from entities like Apollo Global Management and the Abu Dhabi Investment Authority, highlighting involvement from private equity and investment management sectors.
- Infrastructure Investment – PIC’s strategy includes significant investments in UK housing and infrastructure, aligning it with the infrastructure investment sector.
Financials
- £5.7 billion – The acquisition price Athora agreed to pay for Pension Insurance Corporation Group.
- 76 billion – Assets under management at Athora before the acquisition.
- 50.9 billion – Current asset portfolio backing pensions held by PIC.
- 130 billion – Projected combined assets of Athora and PIC post-acquisition.
- 8.1 billion – New business PIC signed last year increasing its asset base.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Athora | Acquiring Company | Company | A Pan-European savings and retirement services group acquiring Pension Insurance Corporation. |
| Pension Insurance Corporation Group Limited | Target Company | Company | A specialist insurer of UK defined benefit pension schemes, the target of Athora's acquisition. |
| Apollo Global Management | Strategic Minority Investor | Company | A key investor supporting Athora’s acquisition strategy. |
| Abu Dhabi Investment Authority (ADIA) | Long-term Institutional Investor | Company | A major stakeholder in PIC through Athora, investing in the growth of the UK pension risk transfer market. |
| Reinet Fund S.C.A., F.I.S. | Current Major Shareholder in PICG | Company | Holds 49.5% of PICG shares before acquisition. |
| CVC Capital Partners | Current Shareholder in PICG | Company | Manages funds holding a 17.4% stake in PICG prior to acquisition. |
| HPS Investment Partners | Current Shareholder in PICG | Company | Manages funds holding a 10.2% stake in PICG. |
| Tracy Blackwell | CEO of PIC | Person | Leading PIC during its acquisition by Athora, emphasizing strategic growth and customer service. |
| Mike Wells | CEO of Athora | Person | Leading Athora’s strategic acquisition to increase its presence in the UK pension market. |