PIC overview

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

The Group had an outstanding year, with all parts of the business pulling together to complete £7.1 billion of new business, almost double the amount that we transacted in 2017. Backing this record level of new business was the reinsurance of £5.6 billion of longevity risk, a record, as well as £2.5 billion invested directly in areas like social housing and renewable energy, also a record. I am incredibly proud of how the whole team performed during the year. It is quite amazing that in what was the tenth anniversary of our first transaction, signed in the summer of 2008, the overall value of the business, as measured under Embedded Value, now stands at £3.6 billion and we have a portfolio of £31.4 billion of financial investments. This is a quite outstanding achievement, built on an absolute focus on our policyholders and the standard of customer service they receive. We were therefore delighted to win another award for our customer service, from the Institute of Customer Service. On the employee front we were also delighted to be named an “Outstanding Employer of the Year”, as well as continuing our important sponsorship of the Actuarial Mentoring Programme for female actuaries, aimed at increasing gender diversity in the industry. Finally, our Purpose of Finance thought leadership project has continued to build on its successful launch in 2017. The market has started promisingly in 2019 and I look forward to another productive and rewarding year.

Tracy Blackwell Chief Executive Officer