European savings and retirement services group Athora has secured €3.5 billion in common equity commitments from a broad range of investors, with the bulk of the proceeds expected to be used to fund the acquisition of Pensions Insurance Group (PICG), as well as remaining equity commitments in Athora’s 2022 financing.
Athora said it had today received regulatory approval from the Prudential Regulation Authority, in consultation with the Financial Conduct Authority, to complete the acquisition of PICG and its wholly-owned subsidiary Pensions Insurance Corporation (PIC).
“Under the terms of the transaction, Athora, PIC and the selling shareholders are currently on track to complete the transaction, which is expected to be on or about March 27, 2026,” the company added.
Upon completion, Athora will have assets under management and administration (“AuMA”) in excess of €130 billion, providing pension support to more than 3 million savers and retirees across Europe.
PIC will account for approximately 45% of Athora AuMA’s total and will reportedly form an important part of Athora’s long-term strategy.
PIC interim CEO Dom Veney said: “We are pleased that Athora has received regulatory approval for this transaction. We look forward to joining the group in the coming weeks.”
Athora revealed that investors include sovereign wealth funds such as Mubadala Investment Company and the Abu Dhabi Investment Council (a fund wholly owned by Mubadala), and are the largest new investors in this issuance.
Additionally, the offering 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 in common equity commitments from a high-quality institutional investor base, with its long-term operating horizon well matched to commitments from long-term savings and retirement customers.
“This is the largest amount of ordinary shares raised by a European insurance company (or dedicated insurance agency) in the past decade,” the company explained.
Mike Wells, CEO of Athora Group, commented: “I am pleased to announce the completion of Athora’s latest financing, bringing the total common equity commitments raised by Athora to approximately €9 billion.
“Proceeds from the offering will support our target financing structure for the acquisition of PICG, which received regulatory approval today and is expected to close on or about March 27, 2026. I would like to thank Athora’s existing and new investors for their continued support and endorsement of our strategic vision.
“Proceeds will enable Athora to enter the attractive UK pensions market at scale, expanding the PIC’s ability to serve trustees seeking pension risk transfer solutions, while providing resources to support other ongoing growth initiatives across Europe.”
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