Reinet Investments to sell stake in insurance group

Reinet Investments has announced an agreement to sell its entire stake in Pension Insurance Corporation Group Limited (PICG) to Athora Holding UK Limited. The transaction, subject to regulatory approval and expected to close in early 2026, will see Athora acquire Reinet’s 49.5% shareholding in PICG, part of a larger deal involving the sale of all PICG shares by its major investors. The agreed mechanism provides for consideration payable for 100 per cent. of the fully diluted share capital of PICG of approximately GBP5.7 billion, expected to accrue to approximately GBP5.9 billion, including expected dividends, ahead of closing. Reinet's initial investment in PICG was GBP400 million in 2012, with subsequent purchases bringing the total to GBP1.1 billion. To date, Reinet has received GBP426 million in dividends from PICG. Reinet intends to use the proceeds from the sale for ongoing investment activities.