Reinet is turning the page on Pension Insurance Corporation (PIC) once and for all. The Luxembourg-based investment firm announced on Wednesday 27 May that it had sold its entire 49.5% stake in the British pension insurer to Athora Holding UK Limited. The operation, which was first mentioned in June and finalised at the end of March following approval by the UK regulator, is set to bring in around €3.3bn (£2.94bn) for the group.
The sale marks a major strategic turning point for Reinet. For years, PIC has been the holding company’s main unlisted asset. As recently as the end of March 2025, this stake accounted for 53.7% of the group’s net asset value, with a valuation of €3.7bn (£3.11bn). PIC remains relatively low-profile outside financial circles, but the company occupies a central position in the UK pension risk transfer market. Its business involves taking on the pension liabilities of large companies in order to guarantee their payment over the long term.
For Reinet, the venture has proved particularly lucrative. The group points out that it invested around €1.3bn (£1.11bn) in PIC between 2012 and 2022. Between dividends and proceeds from the sale, it will ultimately have recouped nearly €3.9bn (£3.44bn).
A net loss of €247m
However, the annual results published by Reinet paint a mixed picture. The group reported total revenue of €2.65bn, driven primarily by a capital gain of €2.075bn realised on the sale of PIC. Despite this one-off transaction, Reinet ended the financial year with a net loss of €247m, impacted by valuation adjustments on several investments and by exchange rate effects. Its net asset value thus fell by 4.5% year-on-year to €6.6bn.
This sale has completely transformed the Luxembourg-based company’s financial profile. Reinet now holds €5.5bn in cash and liquid assets, representing 83% of its net asset value. This is an extremely rare position for a European holding company of this size. In his letter to shareholders, chairman Johann Rupert clearly acknowledges this repositioning. “Over the past 18 months, Reinet has significantly reduced the risk in its portfolio,” he writes, also noting the complete divestment from British American Tobacco.
Athora, backed by Apollo Global Management, is continuing its expansion into life insurance and liability management in Europe. With the acquisition of PIC, the group is significantly strengthening its presence in the UK pensions market, which is regarded as one of the most dynamic on the continent.
