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 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
$1.6B
across 2 funding rounds
About Pension Insurance Corporation
Pension Insurance Corporation is a London-based specialist insurer of UK defined benefit pension schemes, providing bulk annuity buy-ins and buy-outs that take pension liabilities off company balance sheets. It is one of the leading providers in the UK pension risk transfer market and invests its portfolio largely in credit, including UK housing and infrastructure. In 2024 it wrote a record GBP 8.1 billion of new business premiums, insured the pensions of almost 400,000 people and reported IFRS adjusted operating profit before tax of GBP 746 million. The company earns investment and underwriting margins on the premiums it receives in exchange for guaranteeing members' pensions. PIC was founded in 2006 with J.C. Flowers as a founding investor, and its later shareholders included Reinet, the Abu Dhabi Investment Authority, CVC Capital Partners and HPS Investment Partners. Athora, the European savings and retirement group, agreed to acquire its parent Pension Insurance Corporation Group for about GBP 5.7 billion in July 2025 and completed the purchase in March 2026.
Founded
2006
HQ
LondonWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$884M (Jul 2025)
Valuation
$821M (Jul 2012)
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 $1.6B 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.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 3 Jul 2025 | Strategic M&A | $7.2B | 8.2x |
Sources: cvc.com, ipe.com, reinsurancene.ws, prnewswire.com, prnewswire.com
Pension Insurance Corporation Valuation
Pension Insurance Corporation is currently valued at $821M, based on its undisclosed-stage round in July 2012. Read the announcement ↗
The $625M round was led by Reinet Investments.
Pension Insurance Corporation valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2012 | Undisclosed stage | $821M |
Pension Insurance Corporation Funding History
Pension Insurance Corporation has raised a total of $1.6B across 2 funding rounds, plus 3 secondary share sales.
Pension Insurance Corporation's first fundraising round was a $625M undisclosed-stage round in July 2012. The most recent completed round was a $983M undisclosed-stage round in January 2020.
Pension Insurance Corporation funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2020 | Secondary | HPS Investment Partners (lead) | $680M | - | HPS Investment Partners built a stake of just over 10 percent in Pension Insurance Corporation, the UK bulk annuity insurer, through a series of secondary purchases from existing shareholders. Sky News reported in December 2020, as cited by Pensions Age, that HPS had agreed to acquire a further GBP 30 million of shares, taking its total holding to about GBP 500 million. The shares were bought in secondary deals with shareholders including Legend Holdings and Istithmar, rather than through new capital issued by the group. The purchases followed a GBP 750 million capital raise from existing shareholders Reinet, Luxinva and CVC that completed in February 2020. Pension Insurance Corporation insures defined benefit pension schemes through buy-ins and buy-outs and is one of the largest specialists in the UK pension risk transfer market. HPS still held 10.2 percent of the group's issued shares in July 2025, when Athora agreed to acquire Pension Insurance Corporation Group for about GBP 5.7 billion. |
| Jan 2020 | Undisclosed stage | Reinet Investments (lead); Abu Dhabi Investment Authority; CVC Capital Partners | $983M | - | Pension 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. |
| Jun 2018 | Secondary | Abu Dhabi Investment Authority (lead) | - | - | The Abu Dhabi Investment Authority agreed in June 2018 to acquire up to a 21.4 percent stake in Pension Insurance Corporation Group, the parent of UK bulk annuity insurer Pension Insurance Corporation, from funds advised by J.C. Flowers & Co., subject to regulatory approval. The price was not disclosed. J.C. Flowers had been a founding investor and had owned the stake for about 12 years before seeking a buyer during 2018. The acquisition was led by ADIA's Private Equities Department as part of its push into principal investments, and the shares were held through Luxinva, a wholly owned ADIA subsidiary that owned about 18 percent of the group by early 2020. At the time of the deal PIC had more than GBP 25 billion of financial assets supporting the pensions of over 150,000 people. ADIA was advised by Credit Suisse, Ernst & Young, Oliver Wyman and Allen & Overy, while J.C. Flowers was advised by Evercore and Paul, Weiss, Rifkind, Wharton & Garrison. ADIA's holding was later part of the GBP 5.7 billion sale of the group to Athora agreed in July 2025. |
| Feb 2017 | Secondary | CVC 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. |
| Jul 2012 | Undisclosed stage | Reinet Investments (lead) | $625M | $821M | Reinet Investments, the Luxembourg-based investment holding company, agreed in July 2012 through its subsidiary Reinet Fund to invest up to GBP 400 million in the pension insurance business of Pension Corporation, the parent of UK bulk annuity insurer Pension Insurance Corporation. The commitment was made on the basis of a valuation of Pension Corporation's insurance business of GBP 525 million. Of the total, GBP 100 million was to be contributed at closing, with the remainder drawn down as required over up to five years to fund the insurer's growth in the UK pension risk transfer market. The deal was subject to the approval of existing investors and regulators. Pension Insurance Corporation was founded in 2006 with J.C. Flowers as a founding investor and insures defined benefit pension schemes through buy-ins and buy-outs. Reinet went on to add further primary and secondary share purchases and became the group's largest shareholder, holding 46.4 percent after a GBP 750 million capital raise in 2020 and 49.5 percent in 2025, when Athora agreed to acquire the group for about GBP 5.7 billion. |
Who has invested in Pension Insurance Corporation?
4 investors have backed Pension Insurance Corporation across its funding rounds, including CVC Capital Partners, Abu Dhabi Investment Authority, Reinet Investments and HPS Investment Partners.
Lead investors include HPS Investment Partners, Reinet Investments, Abu Dhabi Investment Authority and CVC Capital Partners.
Pension Insurance Corporation Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Luxembourg | 2 | Lead | Jul 2012 | |
 Abu Dhabi | 2 | Lead | Jun 2018 | |
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Start Free TrialPension Insurance Corporation Competitors
Pension Insurance Corporation competitors include listed companies like L&T Finance, Sinar Mas Multiartha, AXIS Capital and Lincoln National, and private ones like Ping An Healthcare Management and Hollard Insurance.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 India | Publicly listed | $1.1B | - | $7.4B | 5.4x | |
 Indonesia | Publicly listed | $2B | $275M | $7.6B | - | |
 United States | Publicly listed | $6.4B | $1.3B | $7.6B | 1.1x | |
| United States | Publicly listed | $18B | $1.7B | $7.6B | 0.4x | |
 Shanghai | Private | - | - | $8.8B | - | |
 Johannesburg | Private | - | - | $5.3B | - |
Pension Insurance Corporation Public Comps
Pension Insurance Corporation is no longer listed, but its public comps include L&T Finance, Sinar Mas Multiartha, AXIS Capital, Lincoln National, First American Financial, DB Insurance, ICICI Prudential Life, China Re, Clal Insurance and Grupo SURA.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | - | 6.5x | 5.4x | - | - | |||
| $2B | $275M | 3.8x | - | 27.5x | - | |||
| $6.4B | $1.3B | 1.2x | 1.1x | 5.7x | - | |||
| $18B | $1.7B | 0.4x | 0.4x | 4.5x | 3.4x | |||
| $7.4B | $1.2B | 0.9x | 0.9x | 5.7x | - | |||
| $14B | $2.4B | 0.6x | 7.9x | 3.2x | - | |||
| $6.6B | $231M | 1.0x | 0.8x | 29.2x | 32.9x | |||
| $17B | $2.2B | 0.4x | 0.4x | 3.0x | - | |||
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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. |
| What is Pension Insurance Corporation's valuation? | Pension Insurance Corporation was last valued at $821M in its undisclosed-stage round in July 2012. |
| How much funding has Pension Insurance Corporation raised? | Pension Insurance Corporation has raised $1.6B 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, Abu Dhabi Investment Authority, CVC Capital Partners and HPS Investment Partners. |
| Which companies are comparable to Pension Insurance Corporation? | Companies comparable to Pension Insurance Corporation include L&T Finance, Sinar Mas Multiartha, AXIS Capital, Lincoln National, Ping An Healthcare Management and Hollard Insurance. |
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