Athora Secures £5.7 Billion Pound Acquisition of Pension Insurance Corporation in Landmark UK Deal

In a significant move that underscores confidence in the UK financial sector, European insurance giant Athora has announced its acquisition of Pension Insurance Corporation (PIC) for £5.7 billion, marking the largest corporate transaction in Britain this year.

The Bermuda-headquartered Athora, steered by former Prudential chief Mike Wells, will take control of PIC’s substantial portfolio, which manages pensions for 400,000 British citizens. The deal outpaces KKR’s recent £4.1 billion offer for Spectris, positioning itself as a major vote of confidence in UK investments.

PIC’s impressive £50.9 billion portfolio includes £13.8 billion invested in UK housing and infrastructure developments. The organisation has established itself as a key player in the pension risk transfer market, having executed more than 300 transactions ranging from £10 million to £6.3 billion.

Chancellor Rachel Reeves welcomed the development, stating it demonstrates the effectiveness of the government’s change strategy and Britain’s continuing ability to attract substantial international investment.

The deal represents profitable exits for several major stakeholders, including Reinet fund, which holds 49.5 per cent, CVC with 17.4 per cent, and Abu Dhabi Investment Authority with 18.4 per cent. Abu Dhabi maintains involvement through its separate shareholding in Athora.

The acquisition, subject to Prudential Regulation Authority approval, is expected to complete in early 2026. Mike Wells emphasised Athora’s commitment to investing in PIC’s growth and expressed strong confidence in the UK’s retirement market, regulatory framework, and economic prospects.