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LONDON - Athora Holding Limited has agreed to acquire Pension Insurance Corporation Group Limited (PICG) for approximately £5.7 billion, according to a press release issued Thursday.
The acquisition will mark the first time in PICG’s 20-year history that it will be held by a single strategic owner. Pension Insurance Corporation plc (PIC), a specialist insurer of UK defined benefit pension schemes and PICG’s subsidiary, will become Athora’s UK insurance business while continuing to operate under its existing brand.
The transaction will create a combined group with assets exceeding €130 billion, supporting the pensions of more than three million people across Europe. PIC, with its £50.9 billion portfolio backing 400,000 pensioners, will represent 45% of Athora’s total assets under management and administration, making it the largest business within the group.
Athora, a pan-European savings and retirement services group, currently operates insurance businesses in the Netherlands, Italy, Belgium and Germany, with €76 billion in assets under management on behalf of 2.8 million policyholders.
"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," said Tracy Blackwell, CEO of PIC.
PIC has invested £30 billion in the UK to date, including £13.8 billion in housing and infrastructure projects. The company has paid more than £16 billion in pensions since its founding.
PICG’s current shareholders include Reinet Fund S.C.A., F.I.S. (49.5%), Abu Dhabi Investment Authority (18.4%), funds managed by CVC Capital Partners (WA:CPAP) (17.4%), and funds managed by HPS Investment Partners (10.2%).
The transaction, which is subject to regulatory approval, is expected to close in early 2026.
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