Athora, backed by the alternative asset manager Apollo Global Management agreed to buy the defined benefit pension schemes UK provider Pension Insurance Corporation.
https://www.reuters.com/markets/europe/luxembourgs-reinet-advanced-talks-sale-uk-insurer-stake-athora-2025-07-03/
PIC had a portfolio worth nearly 60 billion pounds as of December, with over 390,000 policyholders. Upon deal close, it will constitute 45% of Athora's total AuM.
Athora has 54 billion USDs of assets owned by Apollo Global Management.
With the deal Apollo aims to increase its insurance assets which constitute long-term capital. Apollo's total long-term or so called perpetual capital currently stands at 470 billion USDs from the total 785 billion USDs of assets Apollo manages.
The Pension Insurance Corporation deal will add nearly 60 billion GBPs of new long-term asset under management for Apollo.
Long-term assets can be invested for longer periods and thus allowing for alternative asset managers to compound investments for longer and achieve higher returns on invested capital.
The Pension Insurance Corporation deals is accretive by 15 % increase for Apollo Global Management's earnings per share, according to Wolfteam Ltd.'s projections and estimates.
Apollo Global Management's intrinsic value is 250 billion USDs, according to Wolfteam Ltd.'s projections and estimates.
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