Johann Rupert’s stepchild gets R65 billion payday

Billionaire businessman Johann Rupert’s investment vehicle, Reinet, has sold its stake in the UK-based Pension Insurance Corporation Group (PICG) for some £2.9 billion (R64.63 billion).

This transaction will be completed on or around 27 March 2026, marking the end of Reinet and PICG’s decade-long relationship.

The often-overlooked Reinet forms part of the Rupert family’s business empire, which also includes luxury goods holding company Richemont and South African-based investment holding company Remgro.

Reinet was formed in 2008 when Richemont spun off its non-luxury-related activities, including its tobacco interests, into a third company, Reinet Investments. Today, Rupert is the chairman of all three companies.

The deal in question was first announced in June 2025, when Reinet informed shareholders that it was in talks to sell its 49.5% stake in PICG.

By July 2025, the company had confirmed that it planned to sell its PICG stake to Athora Holding UK.

Athora is one of Europe’s fastest-growing savings and retirement services companies, and reportedly approached Reinet for its stake in PICG.

This acquisition forms part of a broader transaction involving the sale of all PICG shares held by entities controlled by the Abu Dhabi Investment Authority, CVC Capital Partners, and HPS Investment Partners, as well as employees and other shareholders.

PICG is a specialist insurance company based in the United Kingdom, focused on insuring the pensions of members of defined benefit pension schemes.

In 2025, PICG reported that it completed £5.5 billion (today, R122.73 billion) of new business in the year through August and £1.1 billion (today, R24.55 billion) during the first six months of last year.

Some of its customers include the Financial Services Compensation Scheme Pension Scheme, and the Rolls-Royce UK Pension Fund.

Around March 2025, PICG was Reinet’s most valuable holding at around R77.62 billion, comprising 53.7% of the company’s net asset value.

Reinet first invested in PICG in 2012 through an initial £400 million (today, R8.92 billion) commitment.

On Friday, 6 March 2026, Reinet confirmed that this over-a-decade-long relationship would come to an end, as its deal with Athora had received all the necessary approvals.

This included approval from the Prudential Regulation Authority, in consultation with the Financial Conduct Authority.

With these green lights acquired, the transaction is no longer subject to any further conditions and completion is expected on or around 27 March 2026.

Reinet told shareholders that it now expected to receive some £2.9 billion (R64.63 billion) on the day of completion.