PICG Announces £5.7 Billion Acquisition by Athora

Deal News | Jul 03, 2025 | CVC Capital Partners

Athora Holding Limited, a leading pan-European savings and retirement services group, has announced an agreement to acquire Pension Insurance Corporation Group Limited (PICG) for approximately £5.7 billion. This acquisition will position PICG, the parent of Pension Insurance Corporation plc (PIC), with a single strategic owner for the first time in its 20-year history. Upon completion, PIC will operate as Athora's UK insurance business while maintaining its brand. Athora, backed by significant institutional investors including Apollo Global Management and the Abu Dhabi Investment Authority, will integrate PICG into its larger group, creating a total asset base exceeding £130 billion across Europe. The strategic transaction is poised to enhance PICG's ability to invest in UK housing and infrastructure, a continuation of its strategy to support defined benefit pension schemes. The acquisition is expected to close in early 2026 following regulatory approval, allowing Athora to support PICG's growth in the UK pension risk transfer market, a sector crucial for the wellbeing of UK pensioners. Current major shareholders of PICG include Reinet Fund, ADIA, CVC Capital Partners, HPS Investment Partners, and several others who will exit post-acquisition.

Sectors

  • Insurance
  • Financial Services
  • Private Equity

Geography

  • United Kingdom – The UK is the primary market of the target company, PICG, which specializes in UK defined benefit pension schemes.
  • Pan-European – Athora operates across several European nations, and this acquisition will integrate PICG into its pan-European operations, highlighting its broad regional reach.

Industry

  • Insurance – The industry focus on the acquisition involves PICG, a group engaged in the insurance business, particularly pension schemes, which is a key element of insurance markets.
  • Financial Services – Athora is a financial services group specializing in savings and retirement services, which connects with PICG’s role in pension risk transfer markets.
  • Private Equity – CVC Capital Partners and other investors, including ADIA's private equity arm, participate in this acquisition, showcasing private equity’s role in corporate transactions.

Financials

  • £5.7 billion – The estimated acquisition price for Pension Insurance Corporation Group Limited by Athora.
  • £76 billion – Athora's assets under management and administration across its European insurance businesses.
  • £50.9 billion – The financial portfolio size of PIC supporting pensions for 400,000 people.
  • £30 billion – The value invested by PIC in the UK market, including housing and infrastructure.
  • £13.8 billion – Investment by PIC in UK housing and infrastructure to generate secure cashflows.
  • £16 billion – Total payouts by PIC in pensions, underlining its customer service success.

Participants

NameRoleTypeDescription
Athora Holding LimitedAcquiring CompanyCompanyA leading pan-European savings and retirement services group acquiring PICG.
Pension Insurance Corporation Group LimitedTarget CompanyCompanyThe company being acquired, specializing in UK defined benefit pension schemes.
Reinet Fund S.C.A., F.I.S.Selling CompanyCompanyCurrent shareholder of PICG, holding 49.5% of shares.
CVC Capital PartnersSelling CompanyCompanyCurrent shareholder of PICG, holding 17.4% of shares.
ADIA - Abu Dhabi Investment AuthorityCurrent Shareholder / InvestorCompanyHolds shares in PICG and invests through Athora, a part of the transaction.
Tracy BlackwellCEO of PICPersonCurrent Chief Executive Officer of Pension Insurance Corporation plc.
Mike WellsCEO of AthoraPersonCurrent Chief Executive Officer of Athora Holding Limited.
Dillie MalherbeDirector at Reinet Investments ManagerPersonDirector representing investments at Reinet, a major shareholder in PICG.