Pension Insurance Corporation prices £250 million subordinated debt issuance to meet projected customer demand

London, 17 November 2016 – Pension Insurance Corporation plc (“PIC”), a specialist insurer of defined benefit pension funds, today announces that it has priced an issuance of £250 million of subordinated debt capital with an annual coupon of 8.0 per cent and a maturity of 10 years (2026). The proceeds are to be used to meet projected demand from the trustees of defined benefit pension funds for wholesale insurance annuity products. It is proposed that the bonds will be admitted to trading on the London Stock Exchange’s regulated market.

Rob Sewell, Chief Financial Officer, Pension Insurance Corporation plc, said: “PIC is a successful company operating in a high growth sector. We have had a very successful second half and expect continued significant interest from pension funds for bulk annuities. We have taken advantage of a window of market opportunity to bolster our considerable financial resources to be able to meet that increased demand.”

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Notes to Editors:

For further information please contact:

Pension Insurance Corporation

Jeremy Apfel
+44 (0)20 7105 2140
Apfel@pensioncorporation.com

Teneo Strategy

Anthony Silverman
+44 (0)20 7240 2486
Anthony.Silverman@teneostrategy.com

About Pension Insurance Corporation

Pension Insurance Corporation plc ("PIC") provides tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension funds. PIC brings safety and security to scheme members' benefits through innovative, bespoke insurance solutions, which include deferred premiums and the use of company assets as part payment. At 30 June 2016 PIC had £18.4bn in assets and had insured more than 130,000 pension fund members. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA (FRN 454345). For further information please visit www.pensioncorporation.com

This announcement is for information only and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of PIC nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.

This announcement is not an offer of securities for sale in the United States and is not for publication or distribution to persons in the United States (within the meaning of Regulation S under the United States Securities Act of 1933, as amended ("the Securities Act")). The bonds have not been and will not be registered under the Securities Act. Accordingly, the bonds may not be offered, sold or delivered in the United States.

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