Athora to acquire PIC Group for £5.7B

Athora Holding is acquiring Pension Insurance Corporation Group (PICG), the parent company of defined benefit pension insurer Pension Insurance Corporation (PIC), for approximately £5.7 billion.

The deal will make PIC the UK arm of Athora, a pan-European savings and retirement group managing €76 billion in assets. For the first time in its history, PIC will have a single strategic owner, while continuing to operate under the PIC brand.

PIC manages £50.9 billion in assets for 400,000 policyholders and has invested £30 billion in the UK, including £13.8 billion in housing and infrastructure. The acquisition will increase PIC’s capacity to support pension risk transfer deals and expand investment in long-term UK assets.

Once closed, the combined group will manage over €130 billion in assets, with PIC accounting for 45% of the total. The deal, expected to close in early 2026, is subject to regulatory approval.

Current PICG shareholders include Reinet (49.5%), ADIA (18.4%), CVC (17.4%), HPS Investment Partners (10.2%), and others.