Athora, a European savings and retirement services group, has secured €3.5 billion of common equity commitments from a broad base of investors, with the majority of the proceeds expected to fund the acquisition of Pension Insurance Corporation Group (PICG), alongside remaining equity commitments from Athora’s 2022 capital raise.
Athora said it has received regulatory approval today from the Prudential Regulation Authority, in consultation with the Financial Conduct Authority, to complete its acquisition of PICG and its wholly owned subsidiary, Pension Insurance Corporation (PIC).
“In keeping with the transaction terms, Athora, PIC and the selling shareholders are now progressing towards expected completion on or around 27 March 2026,” the firm added.
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 reportedly 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.”
Athora disclosed that the investors include sovereign wealth funds, such as Mubadala Investment Company and Abu Dhabi Investment Council (a fund wholly owned by Mubadala), which represent the largest new investors in this issuance.
In addition, the issuance attracted pension funds, insurance companies and other cornerstone investors, including Apollo and Athene.
Athora noted that since its inception in 2018, it has secured approximately €9 billion of common equity commitments from a high-quality, institutional investor base, operating with a long-time horizon that is well matched to long-term savings and retirement customer commitments.
“This is the largest amount of common equity raised by any European insurance company (or dedicated insurance vehicle) in the past decade,” the firm explained.
Mike Wells, Group CEO of Athora, commented, “I am delighted to announce the close of Athora’s latest capital raise, bringing the total amount of common equity commitments raised by Athora to approximately €9 billion.
“Proceeds from the issuance will support our target funding structure for the PICG acquisition, which received regulatory approval today and is expected to be completed on or around 27 March 2026. I would like to thank Athora’s existing and new investors for their continued support and endorsement of our strategic vision.
“The proceeds will enable Athora to deliver a scaled entry into the attractive UK pensions market, expand PIC’s capacity to serve trustees seeking to secure pension risk transfer solutions, while providing the resources to support other ongoing growth initiatives across Europe.”
