REG - Pension Ins Corp plc - Athora Receive PRA Approval for PIC Acquisition

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06/03/2026 12:30

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RNS Number : 6839V  Pension Insurance Corporation PLC  06 March 2026

ATHORA RECEIVES REGULATORY APPROVAL FOR ACQUISITION OF

PENSION INSURANCE CORPORATION

London, 6 March 2026 - Pension Insurance Corporation Group Limited(1)
("PICG"), has today been informed by Athora Holding Ltd. ("Athora"), that it
has received approval from the Prudential Regulation Authority ("PRA") for the
change in control of PICG, including its wholly owned subsidiary, Pension
Insurance Corporation plc ("PIC"), a specialist insurer of defined benefit
pension schemes. At the same time, Athora announced that they have raised
€3.5 billion of new common equity, from a range of long-term investors, to
support the transaction and their growth ambitions for PIC.

 

The request for the change in control approval arose from the proposed
acquisition of PICG by Athora, which was announced in July 2025, subject to
approval by the PRA. The PRA has, in coming to its decision, consulted with
the Financial Conduct Authority ("FCA"), and the FCA has not objected to the
acquisition.

 

The transaction is expected to close on or around 27 March 2026, when control
and ownership will pass to Athora from PICG's current shareholders, Reinet
Fund S.C.A., F.I.S. ('Reinet') which holds 49.5% of the issued shares; a
wholly owned subsidiary of ADIA, with 18.4% of the issued shares; funds
managed by CVC Capital Partners ('CVC'), with 17.4%; and funds managed by HPS
Investment Partners with 10.2%; as well as employees and other shareholders,
who hold the balance of the issued shares.

 

Upon completion, Athora will have assets under management and administration
("AuMA") of over €130 billion, backing the pensions of more than three
million savers and retirees across Europe. PIC will represent approximately
45% of Athora's total AuMA and will be an important part of Athora's long-term
strategy.

 

Dom Veney, PIC's Interim CEO, said, "We are delighted that Athora has received
regulatory approval for this transaction. We look forward to joining the Group
in the coming weeks."

 

-     ends -

 

Notes to Editors

 

1)   The Pension Insurance Corporation Group (the "Group") includes PICG, the
group holding company; PIC, the group regulated insurer; and Pension Services
Corporation Ltd, the group service company

 

For further information please contact:

 

Jeremy Apfel

Managing Director, Corporate Affairs

Apfel@pensioncorporation.com (mailto:Apfel@pensioncorporation.com)

020 7105 2140

 

About PIC

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 half year 2025, PIC had fully secured the
pensions of 399,200 people, and had a portfolio of £51.5 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 £17.8 billion to its policyholders, with a 99%
customer satisfaction rating. PIC has invested £14.6 billion in private
investments to date including in UK 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 (http://www.pensioncorporation.com/)

 

 

 

 

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