Athora Holding Ltd. publishes its 2026 interim results

Pembroke, Bermuda, 17 September 2026 – 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 2026.

Highlights

  • Operating capital generation1: €648 million2 (HY 2025: €337 million)
  • Cash remittances by operating entities: €643 million (HY 2025: €160 million)
  • New business volumes: €2.7 billion3 (HY 2025: €3.2 billion); of which Pension Risk Transfer (PRTs) transactions totalled: €0.5 billion (HY 2025: €1.1 billion)
  • Assets under management and administration4: €141 billion (FY 2025: €76 billion)
  • IFRS profit before tax: €55 million (HY 2025: profit of €134 million)
  • IFRS shareholders' equity & CSM5: €13.2 billion (FY 2025: €6.0 billion)
  • Group BSCR solvency ratio (estimated)6: 197% (FY 2025: 195%)
  • Financial leverage ratio: 28%7 (FY 2025: 26%)
  • Credit rating8: 'A+' (Stable) (FY 2025: 'A' (Rating Watch Positive))
     

Strategic progress

  • On 6 March 2026 Athora completed an equity raise of €3.5 billion to support the acquisition of PICG9. Athora has now raised approximately €9.0 billion of common equity since inception with residual proceeds from the latest equity raise available to support future growth opportunities.
  • On 27 March 2026 Athora completed the acquisition of PICG and announced plans to relocate its headquarters to the UK by late 2027, subject to regulatory approvals.
  • On 13 August 2026 Athora announced that it had agreed the sale of Athora Germany to Frankfurter Leben. Completion is expected in mid-2027, subject to regulatory approvals.
  • Strong commercial momentum with new business volumes of €2.7 billion3 achieved in the first half of 2026 including a 6% year-on-year increase in organic new business volumes to €2.2 billion, and the completion of PRTs totalling €0.5 billion. Athora Netherlands and PICG have completed a further €5.6 billion of PRT transactions to 1 September 2026, with an additional €2.1 billion of transactions in exclusivity.
  • Consolidated gross investment spreads10 (excluding PICG)11 decreased marginally to 195 bps (FY 2025: 203 bps) while remaining resilient amidst a tight public credit spread environment.
  • Successful issuance of €500 million Tier 2 notes by Athora Holding Ltd. in June 2026, with a concurrent tender offer on Athora Netherlands' €500 million12 Tier 2 notes supporting the continued consolidation of financing at Athora Holding Ltd.
  • Athora’s 'A' (Rating Watch Positive) Insurer Financial Strength rating was upgraded by Fitch to 'A+' (Stable) on 31 March 2026, following the successful completion of Athora's acquisition of PICG. Financial leverage increased to 28%7reflecting the financing mix for the PICG acquisition.
     

Financial performance

  • OCG increased to €648 million2 (HY 2025: €337 million) supported by the inclusion of PICG, which contributed €237 million in the three months post-acquisition. Excluding PICG, OCG increased by 22% year-on-year to €411 million (HY 2025: €337 million) reflecting ongoing investment performance, aided by continued asset repositioning and balance sheet growth, which more than offset the capital consumption from increased organic new business volumes.
  • Cash remittances from operating entities totalled €643 million (HY 2025: €160 million) reflecting strong solvency positions and recurring capital generation. PICG remittances of €462 million were paid in May and Athora Netherlands increased remittance payments by 6% year-on-year to €170 million.
  • Group IFRS profit before tax of €55 million (HY 2025: profit of €134 million). The IFRS profit for the period reflects an increased Insurance Service Result, principally due to the inclusion of PICG, partially offset by the impacts of market movements in the period and increased expenses.
  • Total expenses remain tightly managed, with the increase to €540 million (HY 2025: €336 million) reflecting the inclusion of PICG which has resulted in an increase in one-off expenses in the period, as well as an increase in recurring interest expenses.
  • IFRS shareholders' equity and CSM5 of €13.2 billion (FY 2025: €6.0 billion) increased due to the issuance of share capital of €4.3 billion and CSM5 of €3.1 billion recognised on the acquisition of PICG.
  • AuMA increased to €141 billion (FY 2025: €76 billion) with PICG adding €61 billion of AuM on acquisition. The positive contribution from organic new business2 of €2.2 billion, as well as the completion of PRTs totalling €0.5 billion3, also supported an increase in AuM. AuA increased to €27 billion (FY 2025: €24 billion) primarily due to higher market values of PPI investments at Athora Netherlands in the first half of the year.
     

Financial strength

  • On 31 March 2026, Athora’s 'A' (Rating Watch Positive) credit rating was upgraded by Fitch to 'A+' (Stable) following the successful completion of the acquisition of PICG. Financial leverage increased to a ratio of 28%7 (FY 2025: 26%) reflecting the financing mix for the PICG acquisition.
  • Successful issuance of €500 million Tier 2 notes by Athora Holding Ltd. in June 2026, with a concurrent tender offer on Athora Netherlands' €500 million Tier 2 notes supporting the continued consolidation of financing at Athora Holding Ltd. The Revolving Credit Facility of €1,635 million was fully undrawn at 30 June 2026 providing access to significant liquidity.
  • Group BSCR solvency ratio (estimated) of 197%6 (FY 2025: 195%) supported by the inclusion of PICG and positive operating capital generation, partly offset by adverse market movements, capital consumption from asset deployment activities and one-off acquisition related costs and interest expenses.
  • Solvency continues to be robust across all operating entities: Netherlands 193%13 (FY 2025: 197%), PIC 263%14 (FY 2025: 257% ), Belgium 153%13 (FY 2025: 162%), Germany 184%13 (FY 2025: 172%), Italy 195%13 (FY 2025: 191%) and Reinsurance 246%15 (FY 2025: 223%).
     

Management updates

  • Todd Solash assumed the role of Group Chief Executive in May 2026, completing the succession plans announced in October 2025. Todd succeeds Mike Wells, who had served as Group CEO since 2022. Mike has retired from his executive role but continues to support Athora as a Non- Executive Board Advisor.
     

Group Chief Executive Officer Statement


Todd Solash, Group Chief Executive Officer, said:

“The first half of 2026 has been a period of significant progress for Athora, marked by continued strategic momentum and resilient financial performance. The completion of the acquisition of Pension Insurance Corporation Group (PICG) on 27 March 2026 has given Athora immediate scale in the UK Pension Risk Transfer (PRT) market, while the announced sale of Athora Germany to Frankfurter Leben on 13 August 2026 supports the Group’s focus on large, scalable operating entities with strong long-term organic growth potential. Together, these transactions support our ambition to build a simpler, larger and more focused Group, with enhanced financial flexibility to support ongoing growth, capital returns and proactive management of our leverage profile. In parallel, the associated transformation agenda has progressed at pace, with both the PICG integration and the planned relocation of Athora’s headquarters to the UK delivering all targeted milestones in the period. 

Business performance across the enlarged Group was strong in the first half of 2026. Operating Entity OCG increased to €648 million (HY 2025: €337 million), supported by the first-time contribution from PICG alongside positive trends in new business, investments and expenses. OCG momentum is also translating into increased cash generation, with total remittances increasing to €643 million (HY 2025: €160 million). Organic new business volumes increased by 6% year-on-year to €2.2 billion (HY 2025: €2.1 billion), driven by strong demand for core guaranteed products in the Netherlands and Italy. In addition, Athora completed €0.5 billion of PRT transactions in the first half of the year, with a further €5.6 billion completed by 1 September 2026. This included a €1.25 billion buyout with Pension Fund Campina and a €3.1 billion buyout with Pension Fund Delta Lloyd in the Netherlands, the latter representing the largest PRT transaction completed to date in the Dutch market. The PRT pipeline remains strong, with €2.1 billion of transactions in exclusivity. Of note, activity is expected to accelerate in the UK market, following lower-than-usual transaction volumes in the first half of the year.

Looking ahead, our priorities remain clear: converting attractive growth opportunities across PRT and organic new business, translating increased scale into strong financial performance and executing our transformation agenda. We do so from a position of significant financial strength, evidenced by a Group BSCR ratio of 197% (FY 2025: 195%) and our A+ Fitch credit rating. We remain focused on delivering best-in-class outcomes for our customers, shareholders, employees and business partners. I would like to thank our colleagues across Athora for their continued commitment during another productive period for the Group, as well as our customers, partners and investors for their continued trust and support.”

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Interim Results 2026 Press Release

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 and amortisation of transitional measures), operational experience variances (including profit-sharing impacts), Solvency Capital Requirement (SCR) movements, risk margin movements, new business impacts (excluding new Pension Risk Transfer deals) and the recurring management actions through investment optimisation of the in-force portfolio. Tax and tiering impacts, including movements in the Deferred Tax Asset (DTA) and Loss Absorbing Capacity of Deferred Taxes (LAC DT), are included using the corporate tax rate. It is calculated by each operating entity

2 Includes PICG post-acquisition OCG for the second quarter of 2026 of €237m and excludes PICG pre-acquisition OCG for the first quarter of 2026 of €357m.

3 Includes PICG post-acquisition PRTs closed in the second quarter of 2026 of €369m and excludes PICG pre-acquisition PRTs for the first quarter of 2026 of €53m.

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

7 The financial leverage ratio has been calculated using the Fitch Ratings methodology. The ratio is pro forma for the tender of Athora Netherlands' €500m Tier 2 notes, of which €490m was successfully tendered 03 July 2026. Athora Netherlands exercised its Clean Up Redemption right 03 August 2026, for the remaining €10m.

8 Fitch Ratings Insurer Financial Strength Rating of rated operating entities.

9 PICG is the ultimate parent company of Pension Insurance Corporation (PIC), a specialist insurer of UK defined benefit pension schemes.

10 Investment spread is defined as: (i) for fixed income investments, the spread of the asset over relevant risk-free rate (e.g. 6mth EURIBOR) adjusted for currency hedging, expected future potential credit losses, management costs and other expected financial impacts; and (ii) for non-fixed income investments, the total investment return. Gross investment spreads include sub-advisory fees.

11 A revised investment performance framework, which incorporates all operating entities including PICG is currently being developed.

12 Athora Netherlands' €500m Tier 2 notes, of which €490m was successfully tendered 03 July 2026. Athora Netherlands exercised its Clean Up Redemption right 03 August 2026, for the remaining €10m.

13 Solvency II ratio

14 Solvency UK ratio

15 BSCR ratio (estimated)