At the end of May, Reinet announced the sale of its 49.5% stake in Pension Insurance Corporation (PIC) to Athora for approximately €3.3bn. Its annual report, published on Thursday 2 July, now sets out the practical implications of this transaction. The Luxembourg-based investment company has undergone a radical transformation. With €5.477bn in cash and liquid investments, it now has exceptional firepower to make new investments.
This mountain of cash now accounts for 83% of Reinet’s net asset value (NAV), which stands at €6.6bn. A year earlier, the situation was almost the reverse. The stake in PIC alone accounted for 53.7% of the group’s assets, whilst cash and cash equivalents made up just a quarter of its portfolio. Within the space of a year, Reinet has therefore transformed itself from a holding company largely focused on a single investment into a company with substantial financial reserves at its disposal, ready for new projects.
The report also highlights the financial success of this transaction. Between 2012 and 2022, Reinet had invested around €1.315bn in the British insurer specialising in pensions. Taking into account the dividends received over the years and the proceeds from the sale, the group ultimately recouped nearly €3.94bn – more than three times its initial investment. In the 2025–2026 financial year alone, it received €303m in dividends before receiving €3.345bn upon completion of the sale.
Reduced portfolio risk
This repositioning also explains the strategy set out by chairman Johann Rupert. “Over the past 18 months, Reinet has significantly reduced the risk in its portfolio,” he writes. Having also sold its stake in British American Tobacco in 2025, the group believes it now has greater ‘flexibility’ and ‘resilience’ to navigate an uncertain economic and geopolitical environment. The aim is now to invest this cash “selectively”, prioritising long-term value creation and capital preservation.
The accounts show, however, that this transition has been accompanied by a slight decline in net asset value, which fell by 4.5% year-on-year to €6.6bn. Reinet attributes this to the fall in the value of certain investments, the weakening of the pound sterling and the US dollar against the euro, as well as the payment of the dividend and management fees. Despite this, the group emphasises that its net asset value has still shown annualised growth of 8.3% since 2009, including dividends.
Shareholders should, moreover, benefit from this new financial situation. The board of directors proposes to increase the annual dividend to €0.435 per share, compared with €0.37 last year – a rise of 17.6% – subject to approval at the annual general meeting in August.
