Athora Holding Ltd. publishes its 2025 interim results

Pembroke, Bermuda, 11 September 2025 – Athora Holding Ltd. (Athora or the Group), a leading European savings and retirement services group, today announces its interim results for the half year (HY) to 30 June 2025.

Highlights

• Operating capital generation¹: €337 million (HY 2024: €306 million)
• Group BSCR solvency ratio (estimated)²: 199% (FY 2024: 187%)
• Cash remittances by operating entities: €160 million (HY 2024: €150 million)
• New business volumes³: €3.2 billion (HY 2024: €1.9 billion)
• Assets under management and administration⁴: €76.4 billion (FY 2024: €76.0 billion)
• IFRS profit before tax: €134 million (HY 2024: loss of €225 million)
• IFRS shareholders' equity & CSM⁵: €6,104 million (FY 2024: €5,945 million)
• Financial leverage⁶: 26% (FY 2024: 26%)
• Credit rating⁷: 'A' (Rating Watch Positive) (FY 2024: 'A' Stable)

Strategic progress

• In July 2025, Athora announced the acquisition of Pension Insurance Corporation Group (PICG), the ultimate parent company of Pension Insurance Corporation (PIC), a specialist insurer of UK defined benefit pension schemes. The acquisition⁸  will create one of Europe's largest savings and retirement businesses, building on the Group's existing footprint in the Netherlands, Belgium, Italy and Germany.
• Strong commercial momentum with new business volumes increasing by 61% year-on-year to
  €3.2 billion. This was driven by a 6% year-on-year increase in organic new business volumes³ to c.€2.1 billion as well as the completion of two pension risk transfer transactions (PRTs) in the Netherlands totalling c.€1.1 billion⁹.
• Operating capital generation (OCG) increased by 10% year-on-year to €337million supported by continued disciplined asset deployment, as well as ongoing new business momentum and improved commercial terms on third-party contracts.
• Athora Netherlands contributed €276 million to Group OCG. The positive OCG result and strong solvency position of Athora Netherlands supported €160 million of remittances in the first half of 2025 (+7% year-on-year). Solvency continues to be robust across all operating entities, reflecting positive OCG and select management actions.
• Financial leverage remained broadly stable at 26%. Athora’s 'A' (Stable) Insurer Financial Strength rating was revised by Fitch to 'A' (Rating Watch Positive) in July 2025, following the announcement of the proposed acquisition of PICG.
• Operating and non-operating expenses decreased year-on-year, driven by simplification initiatives across the Group, as well as a reduction in change activity as key transformation projects conclude.

Financial performance

• OCG of €337 million (HY 2024: €306 million). Increase in OCG underpinned by 20% year-on-year increase at Athora Netherlands supported by continued disciplined asset deployment, as well as ongoing new business momentum and improved commercial terms on third-party contracts.
• Cash remittances by operating entities totalled €160 million (HY 2024: €150 million). Athora Netherlands increased remittance payments during the first half of 2025, reflecting ongoing performance improvements and the continued strength in the solvency ratio.
• Group IFRS profit before tax of €134 million (HY 2024: loss of €225 million). The IFRS profit before tax has arisen mainly from the insurance service result, as well as strong investment income, partially offset by negative market movements arising from an increase in interest rates in the first half of 2025. An increase in interest rates has a negative impact due to Athora’s approach to hedging local solvency, resulting in a basis difference in IFRS.
• IFRS shareholders' equity and CSM⁵ of €6,104 million (FY 2024: €5,945 million). IFRS shareholders' equity of €4,392 million (FY 2024: €4,313 million) increased due to the profit after tax for the period of €74 million (HY24: loss of €192 million). CSM⁵ of €1,712 million (FY 2024: €1,632 million) increased by €80 million largely due to organic new business and PRTs written, which more than offset the amount released to profit and loss during the period.
• Financial leverage ratio of 26%⁶ (FY 2024: 26%) remained broadly stable.
• AuMA increased by €0.4 billion to €76.4 billion during the period. The positive contribution from organic new business of c.€2.1billion, as well as the acquisition of two Dutch PRTs (c.€1.1 billion⁹), was largely offset by claims payments and market movements on fixed income securities.

Financial strength

• Undrawn equity capital of €1.7 billion (FY 2024: €2.2 billion) is expected to be drawn to finance the acquisition of PICG, alongside the issuance of new equity capital. The €0.5 billion “backstop” equity commitment letters expired in April 2025 in line with the original agreement. Of the €1.0 billion Revolving Credit Facility, €715 million remained undrawn as at 30 June 2025.
• Group BSCR solvency ratio (estimated) of 199%² (FY 2024: 187%). Strong Group BSCR solvency supported by positive investment returns and market movements, as well as the impact of management actions.
• Solvency continues to be robust across all operating entities: Netherlands 192%¹⁰ (FY 2024: 201%), Belgium 167%¹⁰(FY 2024: 183%), Germany 146%¹⁰ (FY 2024: 134%), Italy 189%¹⁰ (FY 2024: 195%) and Reinsurance 195%¹¹ (FY 2024: 173%). Athora Netherlands' solvency ratio includes the impact of €160 million of remittance payments during the period.
• In July 2025, Athora’s 'A' (Stable) credit rating was revised by Fitch to 'A' (Rating Watch Positive) following the announcement of the proposed acquisition8 of PICG.

Management updates 

• Following a six month period as Interim Group Chief Financial Officer, Rakesh Thakrar was confirmed as Group Chief Financial Officer of Athora in May 2025 and joined the Athora Management Committee in September 2025.
• Etienne Comon was appointed Group Chief Investment Officer of Athora in July 2025.

^{1 Solvency II Operating Capital Generation (OCG) is defined as the expected return on investments, less the cost of liabilities (including the Ultimate Forward Rate (UFR) drag), expense/experience variances (including profit-sharing impacts), Solvency Capital Requirement (SCR) unwinds, risk margin unwinds, new business impacts and resulting tiering impacts. It excludes the UFR stepdown.}

^{2 Bermuda Solvency Capital Requirement (BSCR) ratio is considered an estimate given only year-end ratios are considered actuals by the Bermuda Monetary Authority.}

^{3 Organic new business volumes do not include new business arising from pension risk transfer transactions of c.€1.1 billion, which closed during the period.}

^{4 Assets under management and administration (AuMA) is calculated by Athora as the sum of investment properties, financial assets, cash and cash equivalents, investments held in respect of investment contract liabilities and third parties, net of derivative liabilities. Adjustments are made for consolidated third-party funds where no fee is earned by the Group to remove them from AuMA, and off-balance sheet AuA where the Group earns fees on unconsolidated funds, to include them in AuMA.}

^{5 Contractual Service Margin (CSM) is presented net of tax and reinsurance.}

^{6 The financial leverage ratio has been calculated using the Fitch Ratings methodology.}

^{7 Fitch Ratings Insurer Financial Strength Rating of rated operating entities.}

^{8 The acquisition is subject to regulatory approval and is expected to close in early 2026. After adjusting for the acquisition, Athora will have pro forma AuMA of c. €135 billion (as at 31 December 2024 translated using GBP/EUR exchange rate (as at 30 June, 2025).}

^{9 Premium at signing.}

^{10 SII ratio based on quarter 2 2025 submission to the regulator.}

^{11  EBS ratio (estimated) based on quarter 2 2025 submission to the regulator.}