Fitch Ratings has upgraded the insurer financial strength ratings of SRLEV NV and Athora Life Re Ltd. to “A+” from “A” and the long-term issuer default ratings of Athora Holding Ltd. and Athora Dutch NV to “A” from “A-“, with all ratings outlooks stable.
The rating upgrade follows Athora’s announcement on March 27, 2026, of the completion of the acquisition of Pension Insurance Corporation Group Limited, including its wholly-owned subsidiary Pension Insurance Corporation plc (PIC).
Pension Insurance Corporation plc’s (PIC) ratings remain unchanged, including its ‘A+’ (Stable) Insurer Financial Strength Rating.
Fitch believes that the acquisition strengthens Athora’s asset risk profile, improves Athora’s financial performance, and brings a larger and more diversified business.
The rating agency noted that the rating reflects Athora’s leading position as a European life insurance aggregator and its very strong capital position, partially offset by modest investment risk.
Athora Group Chief Financial Officer Rakesh Thakrar commented: “The upgrade to A+ is an important milestone for Athora and represents third-party recognition of the progress we have made. This is Athora’s third consecutive upgrade and is testament to our strong credit profile, which is a key factor in enabling the group to continue to deliver long-term value to our policyholders and other stakeholders.”