Latest news with #PICG
Business Recorder
2 days ago
- Business
- Business Recorder
CDC and PICG launch ‘Shareholder Agahi' portal
KARACHI: A landmark initiative aimed at strengthening investor education and corporate governance in Pakistan was unveiled on Monday with the launch of 'Shareholder Agahi' a digital portal jointly developed by the Central Depository Company (CDC) and the Pakistan Institute of Corporate Governance (PICG). Shareholder Agahi' provides shareholders with user-friendly tools to make informed decisions. The portal features sections on shareholder rights and responsibilities, FAQs, video tutorials, recorded webinars, and online learning modules. It also hosts a comprehensive library of guidelines, research, and articles, while offering investors real-time access to company announcements, upcoming meetings, and e-voting options. CDC CEO Badiuddin Akber said the portal underscored the company's role in building transparency and deepening participation in the capital markets. 'By leveraging our expertise in market operations, we continuously work to enhance transparency and investor participation. Shareholder Agahi is a prime example of how we advance the market by providing investors with seamless access to information and engagement tools,' he noted. PICG President and CEO Shafaq Fauzil Azim described the initiative as a step forward in aligning Pakistan's governance practices with international standards. 'We look forward to expanding resources and fostering a robust platform for knowledge exchange and dialogue among shareholders, regulators, corporations, and other key stakeholders,' she said. Available in both Urdu and English, the portal is intended to be inclusive and accessible to investors across Pakistan. Officials said Shareholder Agahi would not only promote greater awareness of shareholder rights but also strengthen corporate governance under the SECP's Capital Market Development Plan. The portal can be accessed at The platform, designed under the guidance of the Securities and Exchange Commission of Pakistan (SECP), was formally launched during a consultative workshop on 'Unlocking Capital Market Potential for Banks' in Karachi. Federal Finance Minister Muhammad Aurangzeb unveiled the initiative alongside SECP Chairman Akif Saeed, State Bank of Pakistan Governor Jameel Ahmad, CDC CEO Badiuddin Akber, and PICG President and CEO Shafaq Fauzil Azim. Copyright Business Recorder, 2025
Yahoo
04-07-2025
- Business
- Yahoo
Athora agrees to acquire PICG for £5.7bn
Athora, a European savings and retirement services company, has signed a definitive agreement to acquire Pension Insurance Corporation Group (PICG) for approximately £5.7bn ($7.8bn). Upon completion, PICG will become Athora's UK insurance business, operating under the Pension Insurance Corporation and Penguin brands. This acquisition marks the company's first UK insurance venture, expanding its presence in the UK market. Athora reached the agreement with PICG shareholders, including Reinet Fund, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and funds managed by CVC Capital Partners and HPS Investment Partners. Athora, backed by permanent capital owners such as Apollo Global Management and Athene Holding, aims to enhance its growth through this acquisition. PICG will become Athora's UK subsidiary, retaining its experienced team and commitment to customer service. The acquisition will provide PICG with broader resources, long-term growth capital, and enhanced asset origination capabilities, particularly in private investment-grade credit, leveraging Athora's strategic relationship with Apollo. Athora Group CEO Mike Wells said, "We are pleased for PICG to become Athora's first UK insurance business, maintaining its great team, brand and utmost commitment to serving its customers. 'The acquisition by Athora will enhance access to long-term growth capital and asset origination capabilities, enabling PIC to serve more of the UK savings and retirement market, where it has already established itself as a top three provider in pension risk transfer." The acquisition will create one of Europe's largest insured savings and retirement services businesses, building on Athora's existing subsidiaries in the Netherlands, Italy, Belgium, and Germany. Athora's AuMA will increase to approximately €135bn, a 78% rise from year-end 2024 levels. Wells also noted, 'Today, PIC is a significant investor in the UK economy and, as part of Athora, we believe it will play an even more meaningful role in providing long-duration financing for infrastructure and other long-term assets.' The acquisition will be funded primarily by equity and long-term bank debt, with Athora expecting to maintain a solvency ratio above its target levels. The transaction is anticipated to close in early 2026, contingent upon customary closing conditions and regulatory approvals from the PRA. "Athora agrees to acquire PICG for £5.7bn" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
03-07-2025
- Business
- Yahoo
European savings and retirement services group Athora to acquire Pension Insurance Corporation Group
Ownership of Pension Insurance Corporation Group ("PICG"), ultimate parent company of the specialist insurer of UK defined benefit pension schemes Pension Insurance Corporation ("PIC"), to transition to a single and strategic owner PICG will become the UK insurance business of Athora and continue to operate under the PIC (and penguin) brand, benefitting from increased access to long-term growth capital and enhanced asset origination expertise as part of Athora Acquisition to create a pan-European savings and retirement services champion, establishing a leading position in the UK Pensions market to complement Athora's existing operations in the Netherlands, Belgium, Italy and Germany LONDON, July 3, 2025 /PRNewswire/ -- Athora Holding Ltd. (Athora or the Group) and Pension Insurance Corporation Group Limited (PICG), one of the UK's leading pension solutions providers, today announced that Athora and the shareholders of PICG – Reinet Fund S.C.A., F.I.S.; a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA); funds managed by CVC Capital Partners (CVC) and HPS Investment Partners (collectively, the Consortium) – have entered into a definitive agreement for Athora to acquire PICG for approximately £5.7 billion. Upon completion, PICG will become Athora's UK insurance business, operating under the Pension Insurance Corporation (PIC) and Penguin brands. Athora is a leading European savings and retirement services business with €76 billion of Assets under Management and Administration (AuMA), serving approximately 2.8 million policyholders. Athora is backed by permanent capital owners, including a strategic minority investment by Apollo Global Management and Athene Holding Ltd, and long term institutional investors such as a wholly owned subsidiary of ADIA. As a result of the transaction, PICG will become Athora's UK subsidiary, maintaining its long tenured team, dedication to customer service, robust capitalisation and disciplined investment philosophy. In addition, PIC is poised to benefit from broader resources, long-term growth capital, and enhanced asset origination capabilities, including in private investment grade credit resulting from Athora's strategic relationship with Apollo. Together, Athora and PIC believe the combination will accelerate scaled, high-grade financing in the UK market, increasing productive investment in the economy and supporting retirement outcomes for pensioners. The acquisition of PICG by the Athora Group will create one of Europe's largest insured savings and retirement services businesses, building on existing subsidiaries in the Netherlands, Italy, Belgium and Germany. Commenting on the acquisition, Mike Wells, Athora's Group Chief Executive Officer, said: "We are pleased for PICG to become Athora's first UK insurance business, maintaining its great team, brand and utmost commitment to serving its customers. The acquisition by Athora will enhance access to long-term growth capital and asset origination capabilities, enabling PIC to serve more of the UK savings and retirement market, where it has already established itself as a top three provider in pension risk transfer." Wells continued, "Today, PIC is a significant investor in the UK economy and, as part of Athora, we believe it will play an even more meaningful role in providing long-duration financing for infrastructure and other long-term assets." Tracy Blackwell, CEO of PIC, said: "PIC has had an amazing growth story over the past two decades and is now one of Britain's preeminent pension businesses. This success has been based on a simple purpose, which is to pay the pensions of our current and future policyholders. Athora's investment is validation of what we have always believed: that PIC's reputation, strategy, fortress balance sheet, purpose, and most importantly our people combine to make this a unique business in a huge and growing market. "With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in the UK economy and infrastructure. The pension risk transfer market is vital to the wellbeing of millions of UK pensioners and the allocation of tens of billions of pounds of investment into the UK's economy. This acquisition and the potential for growth that it represents is, in our view, the strongest possible recognition of the value and importance of the pension risk transfer market, the sector that PIC helped to create and continues to lead." After adjusting for the acquisition, Athora will have approximately €135[1] billion of AuMA, representing a 78% increase on the year-end 2024 level. The acquisition will be funded primarily by equity as well as long-term bank debt. Pro forma for the transaction, Athora expects to maintain solvency ratio above its target levels. The proposed transaction is expected to close in early 2026. Completion of the transaction is contingent upon satisfaction of customary closing conditions, including regulatory approvals from the PRA. About PIC: The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At year end 2024, PIC had insured 400,000 pension scheme members and had a portfolio of £50.9 billion, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of £16.2 billion to its policyholders and has invested £13.8 billion in UK private investments, including housing and infrastructure, creating considerable social value. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit About Athora: Since inception in 2018, Athora has grown to be one of the leading savings and retirement services providers in continental Europe. Athora has primary insurance operations in the Netherlands, Belgium, Germany and Italy. As of year-end 2024, Athora's AuMA totalled €76 billion, representing the savings of 2.8 million customers. Athora has completed seven M&A transactions, alongside nine Pension Risk Transfer transactions in the Netherlands. Athora has a strong track record of providing attractive outcomes for its customers, reflecting the merits of its business model and access to differentiated investment capabilities through a strategic partnership with Apollo Global Management. Disclaimer: This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014). For the purposes of Market Abuse Regulation (EU) 596/2014 and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Ben Adams, Director of External Communications for Athora Holding Limited. Certain information contained herein may be "forward-looking" in nature. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such information. Forward-looking statements may be identified by the use of terminology including, but not limited to, "may," "will," "should," "expect," "anticipate," "target," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. [1] GBP/EUR exchange rate: 1.16891 as at 30 June, 2025 (SimCorp Accounting) Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Logo - View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malaysian Reserve
03-07-2025
- Business
- Malaysian Reserve
European savings and retirement services group Athora to acquire Pension Insurance Corporation Group
Ownership of Pension Insurance Corporation Group ('PICG'), ultimate parent company of the specialist insurer of UK defined benefit pension schemes Pension Insurance Corporation ('PIC'), to transition to a single and strategic owner PICG will become the UK insurance business of Athora and continue to operate under the PIC (and penguin) brand, benefitting from increased access to long-term growth capital and enhanced asset origination expertise as part of Athora Acquisition to create a pan-European savings and retirement services champion, establishing a leading position in the UK Pensions market to complement Athora's existing operations in the Netherlands, Belgium, Italy and Germany LONDON, July 3, 2025 /PRNewswire/ — Athora Holding Ltd. (Athora or the Group) and Pension Insurance Corporation Group Limited (PICG), one of the UK's leading pension solutions providers, today announced that Athora and the shareholders of PICG – Reinet Fund S.C.A., F.I.S.; a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA); funds managed by CVC Capital Partners (CVC) and HPS Investment Partners (collectively, the Consortium) – have entered into a definitive agreement for Athora to acquire PICG for approximately £5.7 billion. Upon completion, PICG will become Athora's UK insurance business, operating under the Pension Insurance Corporation (PIC) and Penguin brands. Athora is a leading European savings and retirement services business with €76 billion of Assets under Management and Administration (AuMA), serving approximately 2.8 million policyholders. Athora is backed by permanent capital owners, including a strategic minority investment by Apollo Global Management and Athene Holding Ltd, and long term institutional investors such as a wholly owned subsidiary of ADIA. As a result of the transaction, PICG will become Athora's UK subsidiary, maintaining its long tenured team, dedication to customer service, robust capitalisation and disciplined investment philosophy. In addition, PIC is poised to benefit from broader resources, long-term growth capital, and enhanced asset origination capabilities, including in private investment grade credit resulting from Athora's strategic relationship with Apollo. Together, Athora and PIC believe the combination will accelerate scaled, high-grade financing in the UK market, increasing productive investment in the economy and supporting retirement outcomes for pensioners. The acquisition of PICG by the Athora Group will create one of Europe's largest insured savings and retirement services businesses, building on existing subsidiaries in the Netherlands, Italy, Belgium and Germany. Commenting on the acquisition, Mike Wells, Athora's Group Chief Executive Officer, said: 'We are pleased for PICG to become Athora's first UK insurance business, maintaining its great team, brand and utmost commitment to serving its customers. The acquisition by Athora will enhance access to long-term growth capital and asset origination capabilities, enabling PIC to serve more of the UK savings and retirement market, where it has already established itself as a top three provider in pension risk transfer.' Wells continued, 'Today, PIC is a significant investor in the UK economy and, as part of Athora, we believe it will play an even more meaningful role in providing long-duration financing for infrastructure and other long-term assets.' Tracy Blackwell, CEO of PIC, said: 'PIC has had an amazing growth story over the past two decades and is now one of Britain's preeminent pension businesses. This success has been based on a simple purpose, which is to pay the pensions of our current and future policyholders. Athora's investment is validation of what we have always believed: that PIC's reputation, strategy, fortress balance sheet, purpose, and most importantly our people combine to make this a unique business in a huge and growing market. 'With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in the UK economy and infrastructure. The pension risk transfer market is vital to the wellbeing of millions of UK pensioners and the allocation of tens of billions of pounds of investment into the UK's economy. This acquisition and the potential for growth that it represents is, in our view, the strongest possible recognition of the value and importance of the pension risk transfer market, the sector that PIC helped to create and continues to lead.' After adjusting for the acquisition, Athora will have approximately €135[1] billion of AuMA, representing a 78% increase on the year-end 2024 level. The acquisition will be funded primarily by equity as well as long-term bank debt. Pro forma for the transaction, Athora expects to maintain solvency ratio above its target levels. The proposed transaction is expected to close in early 2026. Completion of the transaction is contingent upon satisfaction of customary closing conditions, including regulatory approvals from the PRA. About PIC: The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At year end 2024, PIC had insured 400,000 pension scheme members and had a portfolio of £50.9 billion, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of £16.2 billion to its policyholders and has invested £13.8 billion in UK private investments, including housing and infrastructure, creating considerable social value. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit About Athora: Since inception in 2018, Athora has grown to be one of the leading savings and retirement services providers in continental Europe. Athora has primary insurance operations in the Netherlands, Belgium, Germany and Italy. As of year-end 2024, Athora's AuMA totalled €76 billion, representing the savings of 2.8 million customers. Athora has completed seven M&A transactions, alongside nine Pension Risk Transfer transactions in the Netherlands. Athora has a strong track record of providing attractive outcomes for its customers, reflecting the merits of its business model and access to differentiated investment capabilities through a strategic partnership with Apollo Global Management. Disclaimer: This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (Regulation 596/2014). For the purposes of Market Abuse Regulation (EU) 596/2014 and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Ben Adams, Director of External Communications for Athora Holding Limited. Certain information contained herein may be 'forward-looking' in nature. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such information. Forward-looking statements may be identified by the use of terminology including, but not limited to, 'may,' 'will,' 'should,' 'expect,' 'anticipate,' 'target,' 'project,' 'estimate,' 'intend,' 'continue' or 'believe' or the negatives thereof or other variations thereon or comparable terminology. [1] GBP/EUR exchange rate: 1.16891 as at 30 June, 2025 (SimCorp Accounting) Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. Logo –
Business Recorder
30-05-2025
- Business
- Business Recorder
The role of ESG policies in shaping sustainable businesses
Sustainability and ESG once buzzwords, have evolved to being seriously considered by both corporates and policy makers. Many argue what is the difference between the two. Technically speaking, the scope of sustainability is much broader and ESG can be taken to be a sub-set of sustainability. ESG stands for environment, social and governance, which essentially when combined covers a broad spectrum of areas within which a business operates. Generally, both these terms are concurrently used. With growing awareness, value chains are inquiring about the ESG practices of their business partners making a strong business case for implementation. Considering the importance, regulators have appropriately acted by introducing regulations and mandatory compliance with respect to sustainability. One of the key requirements for corporations is having a policy for sustainability and ESG. SECP is the primary regulator of companies in Pakistan. It has implemented numerous changes pertaining to sustainability in the regulatory framework, particularly in the Code of Corporate Governance for Listed Companies, 2019 (the Code), requiring a company's Board of Directors to establish and maintain an ESG policy. As per PICG ESG survey carried out in 2023: On a question 'Does your organization have a defined action plan related to the ESG strategy? This makes a very strong case for the companies to have a board level ESG policy to steer and speed up ESG agenda. Having a board level ESG policy is also important from a governance perspective as it brings ownership and clarity at the highest level, thereby making it easier to navigate the specific agenda across the organization to achieve the desired objectives. The Code requires companies to have a policy addressing the following: 'Environmental, social and governance (ESG) including but not limited to health and safety aspects in business strategies that promote sustainability, corporate social responsibility initiatives and other philanthropic activities, donations, contributions to charities and other matters of social welfare'. The sustainability agenda can be better achieved through a board level policy that covers the following elements: Linking the mission and vision statement and values: A company's mission and vision statement and set of values, act as the foundation on which the company exists and operates. Embedding sustainability into these core principles is crucial for integrating sustainable practices into all aspects of the business. To achieve this, companies should review and revise their existing mission and vision statements to include sustainability. Risk management: Companies have risk management programmes in place to identify, analyze, and estimate the criticality and impact of business risks, including performing scenario analysis for better impact estimation. It is important that a company analyze the possible impact of ESG related risks that could have an impact on the company's future business, profits, cash flows and market positioning and devise an action plan accordingly. Ethical culture: An important role of the board is to ensure that ethical values and culture are promoted and practiced company wide. Areas such as transparency in business dealings, maintaining confidentiality of data, anti-bribery, anti-harassment and anti-sexual harassment etc. The objective should be for all employees to be aware of and adhere to ethical values. These values should ideally be consolidated into a code of conduct that all employees sign, demonstrating their commitment to uphold them. From the ESG lens, this approach represents compliance with the social aspects. Ensuring this is adequately covered in the ESG policy will help adherence to social compliance requirements. Whistle-blowing programme: A whistle-blowing programme is a vital aspect of governance. It helps identify wrongdoings within the company and throughout the value chain. This programme encourages employees, business partners, vendors, and suppliers to report any wrongdoings they observe or experience, with the assurance of confidentiality. Additionally, it serves as a platform for reporting issues related to ESG matters. Action plan, KPI and significant issues: Management must inform the board of any significant matters related to company business or operations. Additionally, management should bring any material ESG issues to the board's attention, including the status and challenges with respect to ESG policy; updates on ESG KPIs and milestones set and achieved; non-compliance and penalties imposed due to non-compliance with any regulatory body concerning ESG and updates on CSR activities carried out. There should be adequate coverage of this in the policy. Finally, to ensure the governance of the ESG policy framework, it is essential that the company's board includes a diverse mix of members, such as independent and female directors, who possess the necessary competency, experience, and exposure to support and drive the company's ESG initiatives. The ESG policy serves as a document which not only aligns a company's internal processes to ESG but also enables a company to communicate this externally to business partners, customers and investors. This will support any enquiries about ESG indicators, and the actions taken by the company to ensure related ESG KPI's are met. Furthermore, a robust ESG policy framework will support any future requirements for independently audited statements. ======================================= Yes No Not sure In progress 30% 20% 10% 40 ======================================= Copyright Business Recorder, 2025
