Fitch Ratings has upgraded the Insurer Financial Strength Ratings of SRLEV N.V. and Athora Life Re Ltd. to ‘A+’ from ‘A’, and the Long-Term Issuer Default Ratings of Athora Holding Ltd. and Athora Netherlands N.V. to ‘A’ from ‘A-’, all with stable outlooks.
The rating upgrades follow Athora’s completion of its acquisition of Pension Insurance Corporation Group Limited, including its wholly owned subsidiary, Pension Insurance Corporation plc (PIC), announced on 27th March 2026.
Pension Insurance Corporation plc’s (PIC) ratings remain unchanged, including its ‘A+’ (Stable) Insurer Financial Strength rating.
Fitch believes the acquisition strengthens Athora’s asset risk profile, enhances Athora’s financial performance, and leads to larger, more diversified operations.
The ratings agency noted that the ratings reflect Athora’s leading position as a European life consolidator and its very strong capitalisation, partly offset by moderate investment risk.
Rakesh Thakrar, Group Chief Financial Officer of Athora, commented, “The upgrade to A+ is an important milestone for Athora and represents third-party endorsement of the progress we have made. This is Athora’s third consecutive upgrade and attests to our strong credit profile, which is a key factor in enabling the Group to continue delivering long-term value for our policyholders and other stakeholders.”
