Athora Acquires Pension Insurance Corporation Group: A Strategic Entry into the UK Market

Athora has finalized its acquisition of Pension Insurance Corporation Group Limited and its subsidiary, Pension Insurance Corporation plc (PIC), entering the UK market for the first time. Announced in July 2025, the transaction was valued at approximately £5.7 billion. To fund this acquisition, Athora raised €3.5 billion in common equity from a diverse group of investors.

This acquisition strategically positions Athora as one of Europe's largest savings and retirement service groups with assets under management and administration totaling €139 billion, catering to 3.1 million policyholders. Post-acquisition, PIC will operate as Athora's UK-based insurance business while retaining its brand and operational model. PIC's £54.8 billion asset portfolio comprises about 45% of Athora’s AuMA, servicing around 450,000 policyholders who have received over £19 billion in pensions.

The integration facilitates enhanced long-term capital growth opportunities for PIC and expanded capabilities in private investment-grade credit through Athora's partnership with Apollo. With PIC as part of its portfolio, Athora plans increased investment in high-quality assets, ultimately strengthening pension security for defined benefit schemes.

Athora has also announced plans to relocate its corporate and legal headquarters from Bermuda to the UK by the end of 2027, subject to regulatory compliance requirements. This includes establishing a new holding company in England and Wales and transitioning regulatory supervision to the UK's Prudential Regulation Authority.

Group CEO Mike Wells expressed enthusiasm, noting the acquisition boosts Athora's market capabilities and aligns with its strategic objectives to meet the UK's rising demand for pension risk transfer. Additionally, the relocation highlights Athora's commitment to the UK economy, reinforcing London's status as a financial services hub.

Chair Bruce Hemphill and Interim Chief Executive of PIC Dom Veney also expressed confidence in the acquisition, emphasizing PIC's potential to leverage Athora’s resources to drive economic investment while maintaining high service standards in the insurance sector. The strategic move signifies a commitment to robust governance and growth within the industry.