Athora to Acquire Pension Insurance Corp Group in £5.7 Billion Deal
Why we think this is very good
This acquisition is a significant positive development for Pension Insurance Corporation Group (PICG) and its subsidiary, Pension Insurance Corporation plc (PIC). The £5.7 billion deal with Athora, a leading pan-European savings and retirement services group, will provide PIC with the backing of a strong strategic owner and allow the company to further expand its leading position in the UK pension risk transfer market. The transaction reinforces PIC's strategy of providing excellent customer service and investing in UK housing and infrastructure, which are crucial to matching its pension liabilities. With Athora's support, PIC will be able to take on more pension risk transfer deals and continue its impressive growth trajectory.
Key Points
- Athora to acquire Pension Insurance Corporation Group (PICG) for £5.7 billion
- PIC will become the UK insurance business of Athora and continue operating under the PIC brand
- PIC has a portfolio of £50.9 billion backing the pensions of 400,000 people
- PIC has invested £13.8 billion in UK housing and infrastructure
- Transaction expected to close in early 2026, subject to regulatory approval
Summary
Pension Insurance Corporation Group (PICG), the parent company of Pension Insurance Corporation plc (PIC), has agreed to be acquired by Athora Holding Limited for approximately £5.7 billion. Athora is a leading pan-European savings and retirement services group with €76 billion of assets under management and administration.
The acquisition will allow PIC to become the UK insurance business of Athora and continue operating under the PIC brand. PIC has a portfolio of £50.9 billion backing the pensions of 400,000 people and has invested £13.8 billion in UK housing and infrastructure. The transaction is expected to close in early 2026, subject to regulatory approval.