European retirement services group Athora has secured €3.5 billion in new equity funding to support its planned acquisition of Pension Insurance Corporation Group (PICG).
The capital raise comes after the company received regulatory approval from the Prudential Regulation Authority in consultation with the Financial Conduct Authority to move forward with the transaction.
Athora confirmed that the deal is expected to close around March 27, 2026, marking one of the largest recent acquisitions in the European pensions and insurance sector.
Athora Strengthens Expansion into the UK Pension Market
Once the acquisition is completed, Athora will significantly expand its footprint in the European retirement industry.
The company’s assets under management and administration (AuMA) are expected to exceed €130 billion, supporting the retirement savings of more than three million customers across Europe.
Under the new structure, Pension Insurance Corporation (PIC), a subsidiary of PICG, will account for approximately 45% of Athora’s total AuMA.
The acquisition is considered a key step in Athora’s long-term growth strategy, particularly in the fast-growing UK pension risk transfer market.
Dom Veney, Interim CEO of PIC, welcomed the development.
He said the company is pleased that regulatory approval has been granted and looks forward to joining Athora in the coming weeks.
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Major Institutional Investors Back Athora
The €3.5 billion capital raise attracted a broad range of global institutional investors, including sovereign wealth funds and major financial institutions.
Notable investors include:
- Mubadala Investment Company
- Abu Dhabi Investment Council
- Apollo Global Management
- Athene Holding
These investors represent some of the largest participants in the latest equity issuance.
In addition, pension funds, insurance companies, and other long-term institutional investors participated in the funding round.
One of the Largest Insurance Capital Raises in Europe
According to Athora, the new funding round represents the largest amount of common equity raised by any European insurance company in the past decade.
Since launching in 2018, the company has raised approximately €9 billion in total equity commitments from institutional investors.
This long-term capital base aligns closely with Athora’s focus on retirement savings and pension security, which typically require stable investment horizons.
Athora’s CEO Highlights Strategic Vision
Mike Wells, Group CEO of Athora, emphasized that the capital raise supports the company’s ambitious growth strategy.
He noted that the funding will help finance the PICG acquisition while also strengthening Athora’s ability to expand in key European markets.
According to Wells, the deal will:
- Support Athora’s entry into the UK pensions market
- Expand PIC’s ability to provide pension risk transfer solutions
- Provide capital for future growth initiatives across Europe
The transaction is expected to position Athora as a major player in the European retirement services sector.
Why the PIC Acquisition Matters for the Pension Industry
The UK pension risk transfer market has grown rapidly in recent years as companies seek to transfer pension liabilities from their balance sheets to insurance providers.
By acquiring PICG, Athora will gain a strong foothold in this expanding market.
Industry experts believe the move could increase competition among insurers offering bulk annuity and pension risk transfer solutions, potentially benefiting pension scheme trustees looking for secure long-term partners.
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Company Profile: Athora
Athora is a European insurance and retirement services company founded in 2018. The company focuses on managing life insurance portfolios, pension solutions, and long-term retirement savings products.
Headquartered in Europe, Athora works with institutional investors to manage and grow retirement assets while ensuring long-term financial security for policyholders. Through acquisitions and strategic partnerships, the company has expanded rapidly and now serves millions of savers and retirees across multiple European markets.
