Athora Secures €3.5 Billion to Acquire Pension Insurance Corporation

Athora, a leader in savings and retirement services in Europe, has successfully secured €3.5 billion in common equity commitments to fund the acquisition of Pension Insurance Corporation Group (PICG). This capital raise complements the previous equity secured in 2022 and positions Athora to finalize the acquisition following regulatory compliance with the Prudential Regulation Authority and consultation with the Financial Conduct Authority. The acquisition, including its subsidiary, Pension Insurance Corporation (PIC), is expected to close by March 2026.

Upon completion, Athora's assets under management and administration will surpass €130 billion, benefiting over three million pension savers throughout Europe. The integration of PIC is anticipated to constitute about 45% of Athora's total assets under management, playing a crucial role in achieving the company's strategic objectives within the UK pensions market. Dom Veney, Interim CEO of PIC, expressed enthusiasm for the regulatory approval and the forthcoming integration, highlighting their readiness to become part of Athora’s group.

Key investors in this equity raise include sovereign wealth funds such as Mubadala Investment Company and Abu Dhabi Investment Council, along with significant contributions from pension funds, insurance firms, and other major investors like Apollo and Athene. Since its inception in 2018, Athora has attracted approximately €9 billion in equity from an operational landscape focused on long-term savings and retirement strategies. Mike Wells, Group CEO of Athora, emphasized that this is the largest equity raise by a European insurance entity in the past decade, which will bolster PIC’s capacity for pension risk transfer solutions and fuel additional growth initiatives across the European market.