Reinet reaps PensCorp rewards
Stake in UK-based financial services specialist increases 28% in value and represents about 20% of group’s investment portfolio
Reinet Investments, the investment company controlled and managed by Johann Rupert, continues to build value in its investment in UK-based financial services specialist Pension Insurance Corporation Group (PensCorp). Results for the year to March released this week, showed Reinet’s major stake in unlisted PensCorp, which provides risk-management solutions to defined benefit pension funds, increasing in value by 28% to €1.175bn. The PensCorp investment now represents about 20% of Reinet’s €6bn investment portfolio, which remains anchored by the minority stake in British American Tobacco (BAT), worth €4.25bn or more than 70% of the portfolio. Rupert reported that in 2016, PensCorp wrote new pension insurance business with premiums of £2.6bn. He said that at the end of 2016, PensCorp had £22.6bn in assets and had insured more than 134,000 pension fund members. Rupert said that the estimated value of Reinet’s investment in PensCorp took into account the company’s audited embedded value ...
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