Providing long-term financial security and stability for our customers and attractive returns for our shareholders

PIC had a very successful year in 2017 across a number of fronts, including our focus on customer care, the amount of new business transacted, the record level of longevity risk reinsured, our ability to invest in secure, inflation-linked assets on a private basis, our overall financial results, and the considerable level of support from our employees. The Company continues to demonstrate extremely strong financial performance, with £195 million in underlying operating profit and pre-tax profit of £391 million, demonstrating the long-term profitability of our business, coupled with strong policyholder protection, reflected in our robust solvency ratio. We were delighted with the rating assigned to us by Fitch, which reflects PIC’s very strong capitalisation, low investment risk and asset-liability management capabilities. What drives all of this is our focus on excellence in customer service. We were therefore proud to attain the Institute of Customer Service’s ServiceMark with Distinction – the only financial services company in the country with this award. 2017 was another strong year of achievements for us and I believe our continued focus on what really matters will mean future success for the company.

Tracy Blackwell Chief Executive Officer