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European savings and retirement services group Athora to acquire Pension Insurance Corporation Group
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.
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.
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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
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.
[1] GBP/EUR exchange rate: 1.16891 as at 30 June, 2025 (SimCorp Accounting)
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