Athora Holding Limited has agreed to acquire Pension Insurance Corporation Group Limited (PICG), the parent company of Pension Insurance Corporation plc (PIC), in a transaction valued at approximately £5.7 billion.
The acquisition will see PIC become Athora’s UK insurance subsidiary, the first time the specialist insurer will operate under a single strategic owner since its establishment two decades ago. PIC will retain its existing brand and continue to focus on the UK defined benefit pension market.
According to both companies, the acquisition is intended to support PIC’s growth and ability to participate in more pension risk transfer transactions, while continuing to invest in long-duration UK assets.
Tracy Blackwell, chief executive of PIC, said the deal provides long-term support for the company’s expansion.
“With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in UK housing and infrastructure,” Blackwell said.
Athora is a European insurance group with operations in the Netherlands, Belgium, Germany and Italy. It manages €76 billion in assets on behalf of 2.8 million policyholders. Athora is supported by long-term institutional investors, including Apollo Global Management, Athene Holding Limited and a wholly owned subsidiary of the Abu Dhabi Investment Authority.
Following the acquisition, the combined group will hold more than €130 billion in assets and serve over three million individuals. PIC is expected to represent 45% of Athora’s total assets under management and administration, becoming the group’s largest and fastest-growing business.
PIC currently manages £50.9 billion in assets backing the pensions of around 400,000 individuals. It has invested £30 billion in the UK, including £13.8 billion in sectors such as housing and infrastructure, which are intended to match its long-term liabilities. The firm has paid out over £16 billion in pensions to date.
PICG’s current shareholders include Reinet (49.5%), ADIA (18.4%), CVC Capital Partners (17.4%), HPS Investment Partners (10.2%), and various employees and minority investors. The transaction remains subject to regulatory approval and is expected to complete in early 2026.
