Finance
Apollo-backed Athora to buy Pension Insurance Corporation for $7.8 billion
Published by Global Banking & Finance Review®
Posted on July 3, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on July 3, 2025
2 min readLast updated: January 23, 2026
Athora, backed by Apollo, acquires Pension Insurance Corporation for $7.8 billion, expanding its presence in the UK insurance market.
(Reuters) -Specialised life insurance group Athora has agreed to buy UK insurer Pension Insurance Corporation (PIC), for about 5.7 billion pounds ($7.78 billion), both companies said on Thursday.
Athora Holding, which has 76 billion euros ($89.70 billion) of assets under administration (AuM), is backed by U.S. alternative asset manager Apollo.
Reinet Investments, which holds 49.5% of PIC, had said earlier in the day it was in advanced talks with Athora to sell its stake in PIC.
Including expected dividends, the amount payable for PIC, is expected to rise to 5.9 billion pounds ahead of closing, Reinet said in a statement after the companies agreed the final terms.
"PIC will become the UK insurance business of Athora and continue using the PIC brand," the UK insurer said in a statement.
The deal is a strategic win for Apollo, which also explored a bid for PIC in late 2023. PIC is owned by a consortium of shareholders, including private equity firm CVC Capital Partners.
The deal would be another example of the growing number of insurance companies backed by alternative asset managers which see in life insurance a source of long-term capital to invest.
PIC is a specialist insurer of defined benefit pension schemes known as bulk annuities, demand for which has soared in the last few years as companies unload defined benefit, or final salary, pension schemes from their balance sheets.
The flow of private capital into the sector has caught the attention of regulators and institutions like the International Monetary Fund.
Increased scrutiny followed the collapse of Italian insurer Eurovita, which Cinven had acquired in 2017.
PIC had a portfolio worth nearly 60 billion pounds as of December, with over 390,000 policyholders. Upon deal close, it will constitute 45% of Athora's total AuM.
($1 = 0.7327 pounds)
($1 = 0.8473 euros)
(Reporting by Yamini Kalia, Yadarisa Shabong and Prerna Bedi in Bengaluru and Anousha Sakoui in London; Editing by Sonia Cheema, Rachna Uppal and Louise Heavens)
Athora has agreed to buy Pension Insurance Corporation for about 5.7 billion pounds, which is approximately $7.78 billion.
Athora is backed by U.S. alternative asset manager Apollo.
PIC will become the UK insurance business of Athora and will continue using the PIC brand.
PIC is a specialist insurer of defined benefit pension schemes known as bulk annuities.
The flow of private capital into the insurance sector has drawn attention from regulators and institutions like the International Monetary Fund, especially following the collapse of Italian insurer Eurovita.
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