Pension Insurance Corporation Acquisition, Valuation, Funding & Investors

Pension Insurance Corporation was acquired by Athora for $7.2B in July 2025, a 8.2x multiple on $884M of revenue.

Pension Insurance Corporation acquisition price

$7.2B

Acquired by Athora · Jul 2025

Pension Insurance Corporation revenue at acquisition

$884M

Last twelve months · Jul 2025

Pension Insurance Corporation revenue multiple at acquisition

8.2x

EV/Revenue · Jul 2025

Cumulative funding Pension Insurance Corporation raised

$983M

across 2 funding rounds

Pension Insurance Corporation Overview

About Pension Insurance Corporation

Pension Insurance Corporation plc is a London-headquartered provider of buy-in and buy-out insurance for UK defined benefit pension schemes. The firm assumes pension liabilities from trustees, guaranteeing payments to over 200,000 members across schemes transferred since 2006. Backed by €12 billion in regulatory capital, PIC manages a £20 billion investment portfolio focused on long-duration bonds and infrastructure debt. It serves FTSE 100 sponsors like British Airways and Jaguar Land Rover.


Founded

2006

HQ

United KingdomLondon

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$884M (Jul 2025)

Valuation

$7.2B (acquired Jul 2025)

Pension Insurance Corporation Acquisition

Pension Insurance Corporation was acquired by Athora for $7.2B on 3 July 2025.

The acquisition price implies a 8.2x revenue multiple on $884M of revenue.

Before the acquisition Pension Insurance Corporation had raised $983M across 2 funding rounds.

Pension Insurance Corporation Group Limited (PICG), the ultimate parent of Pension Insurance Corporation plc (PIC), is a specialist insurer of UK defined benefit pension schemes, securing pensions for 399,200 people with a £51.5 billion portfolio as of half-year 2025 through tailored buyouts and buy-ins. PIC, founded 20 years ago, pioneered and leads the UK pension risk transfer (PRT) market. Athora Holding Ltd., a pan-European savings and retirement services group with €76 billion in assets under management and administration (AuMA) for 2.8 million policyholders, operates insurance businesses in the Netherlands, Italy, Belgium, and Germany, backed by permanent capital including Apollo Global Management, Athene Holding, and a subsidiary of Abu Dhabi Investment Authority. Athora agreed in July 2025 to acquire PICG for approximately £5.7 billion (€137 billion combined AuMA post-deal), marking PIC's first single strategic owner and establishing Athora's UK platform under the PIC penguin brand. The deal received Prudential Regulation Authority approval on March 6, 2026, in consultation with the Financial Conduct Authority, with Athora securing €3.5 billion in new common equity commitments primarily to fund the transaction, targeting completion around March 27, 2026. PIC will comprise 45% of Athora’s over €130 billion AuMA, backing pensions for over three million across Europe. Strategically, the acquisition bolsters PIC’s high customer service, enhances pricing for more PRT deals, and expands investments in UK housing and infrastructure, creating a pan-European retirement champion amid robust UK PRT demand vital to pensioners and economy.

Pension Insurance Corporation acquisition details
AcquirerDateTypePriceEV/Revenue
  • Athora
3 Jul 2025Strategic M&A$7.2B8.2x

Pension Insurance Corporation Funding History

Pension Insurance Corporation has raised a total of $983M across 2 funding rounds.

Pension Insurance Corporation's first fundraising round was a undisclosed-stage round in February 2017. The most recent completed round was a $983M undisclosed-stage round in January 2020.

Pension Insurance Corporation funding rounds

Pension Insurance Corporation funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2020Undisclosed stageReinet Investments (lead)$983MPension Insurance Corporation Group, parent of the UK pension risk transfer insurer Pension Insurance Corporation plc, approved a capital raise of GBP 750 million in January 2020 to support new bulk annuity business. Reinet Investments subscribed for GBP 438 million of the new shares, paying GBP 263 million in February 2020 and the balance of GBP 175 million in September 2020. Pension Insurance Corporation went on to write GBP 5.6 billion of new business premiums across seven transactions in 2020, for clients including the Old British Steel Pension Scheme, the Co-op Pension Scheme and the Merchant Navy Officers Pension Fund, and held GBP 49.6 billion of financial investments at the end of that year.
Feb 2017Undisclosed stageCVC Capital Partners (lead)-CVC Capital Partners agreed to buy the shares held by a number of existing investors in Pension Insurance Corporation Group, the ultimate parent of Pension Insurance Corporation. PIC held in excess of GBP 20 billion of financial assets at the time, securing the benefits of more than 130,000 individuals. This was the third investment from CVC's Strategic Opportunities platform and was subject to regulatory approval.

Who has invested in Pension Insurance Corporation?

2 investors have backed Pension Insurance Corporation across its funding rounds, including CVC Capital Partners and Reinet Investments.

Lead investors include Reinet Investments and CVC Capital Partners.


Pension Insurance Corporation Investors

Investors in Pension Insurance Corporation by funding rounds participated
InvestorHQRoundsRoleFirst check

This data is available for Pro users. Sign up to see all 2 Pension Insurance Corporation investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

Pension Insurance Corporation Competitors

Pension Insurance Corporation competitors include listed companies like AXIS Capital, Sinar Mas Multiartha, First American Financial and Migdal Group, and private ones like Ping An Healthcare Management and Hollard Insurance.

Public and private companies comparable to Pension Insurance Corporation
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AXIS CapitalUnited StatesUnited StatesPublicly listed$6.4B$1.3B$7.2B1.2x
Sinar Mas MultiarthaIndonesiaIndonesiaPublicly listed$2B$280M$7.2B-
First American FinancialUnited StatesUnited StatesPublicly listed$7.4B$1.2B$7.1B1.9x
Migdal GroupIsraelIsraelPublicly listed$11B$1.1B$7.5B-
Ping An Healthcare ManagementChinaShanghaiPrivate--$8.8B-
Hollard InsuranceSouth AfricaJohannesburgPrivate--$5.3B-

Pension Insurance Corporation Public Comps

Pension Insurance Corporation is no longer listed, but its public comps include AXIS Capital, Sinar Mas Multiartha, First American Financial, Migdal Group, ICICI Prudential Life, Sony Financial, ICICI Lombard General, Clal Insurance, Enact Holdings and China Re.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
AXIS Capital$6.4B$1.3B1.3x1.2x6.3x-
Sinar Mas Multiartha$2B$280M5.0x-36.0x-
First American Financial$7.4B$1.2B2.0x1.9x12.6x-
Migdal Group$11B$1.1B----
ICICI Prudential Life$6.5B$226M1.2x1.1x35.6x41.7x
Sony Financial$16B$373M2.9x3.4x124.1x212.4x
ICICI Lombard General$2.9B$408M2.6x2.3x18.8x42.5x
Clal Insurance$7.6B$1.6B1.5x3.2x7.1x-

This data is available for Pro users. Sign up to see all Pension Insurance Corporation competitors and their valuation data.

Start Free Trial

Common questions about Pension Insurance Corporation

When was Pension Insurance Corporation founded?Pension Insurance Corporation was founded in 2006.
Where is Pension Insurance Corporation headquartered?Pension Insurance Corporation is headquartered in London, United Kingdom.
Is Pension Insurance Corporation publicly listed?No, Pension Insurance Corporation was acquired by Athora in July 2025.
Who acquired Pension Insurance Corporation?Pension Insurance Corporation was acquired by Athora in July 2025.
How much was Pension Insurance Corporation acquired for?Pension Insurance Corporation was acquired for $7.2B in July 2025, a 8.2x revenue multiple.
How much funding has Pension Insurance Corporation raised?Pension Insurance Corporation has raised $983M across 2 funding rounds.
What was Pension Insurance Corporation's last funding round?Pension Insurance Corporation's last funding round was a $983M undisclosed-stage round in January 2020, led by Reinet Investments.
Who are Pension Insurance Corporation's investors?Pension Insurance Corporation's investors include Reinet Investments and CVC Capital Partners.
Which companies are comparable to Pension Insurance Corporation?Companies comparable to Pension Insurance Corporation include AXIS Capital, Sinar Mas Multiartha, First American Financial, Migdal Group, Ping An Healthcare Management and Hollard Insurance.

See companies similar to Pension Insurance Corporation

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial