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Pension Insurance Corporation Group Limited1, ultimate parent company of Pension Insurance Corporation plc ('PIC'), the specialist insurer of UK defined benefit pension schemes, today presents its results for the six months to 30 June 2023.
Tracy Blackwell, Chief Executive Officer of PIC, said: “I am pleased to report that PIC had an excellent first half of the year. We completed the largest ever bulk annuity transaction, as well as paying more than £1 billion of pension payments, our highest ever six-monthly figure, on which we had a customer satisfaction rating of 99.3%.
“We created significant social value through our purposeful investment strategy, investing more than £1 billion in infrastructure assets during the six-month period. This includes funding the UK’s first reservoir for more than 30 years and completing our second investment to support the UK’s Government Property Agency, investing £268 million in their Croydon hub. We are delighted that our private rental sector development at Manchester New Victoria has now welcomed its first tenants.
“With a solvency ratio of 210%, the strength of our balance sheet will serve us well as increasing numbers of well-funded defined benefit schemes seek the security of the insurance regulatory framework.”
Tracy Blackwell, CEO
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Notes to Editors:
For further information please contact:
PIC
Jeremy Apfel
+44 (0)207 105 2140
apfel@pensioncorporation.com
About PIC
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2023, PIC had insured 339,900 pension scheme members and had £44.9 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of almost £12 billion to its policyholders. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
