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Pension Insurance Corporation Group Limited ('PICG'), ultimate parent company of Pension Insurance Corporation plc ('PIC'), the specialist insurer of UK defined benefit pension schemes, today announces the Group1 final results for the 12 months to 31 December 2023.
A presentation for investors and other stakeholders on the 2023 Group results will be available from 9.00am GMT, on 27 March 2024, at: 2023 Full Year Results Presentation
Tracy Blackwell, Chief Executive Officer of PIC, said: “The Group had a very strong year, and our results demonstrate sustainable growth, increased profitability, and excellent customer service. During the year we completed the landmark £6.2 billion buy-in of two pension schemes sponsored by RSA Group, we made pension payments of £2.1 billion, our highest ever, with policyholder satisfaction levels of 99.3%, and we have now paid £13.6 billion in pensions in total.
“We are delighted to have continued investing in vital UK infrastructure, creating considerable social value, including funding the UK’s first reservoir in over 30 years. We have now invested £13 billion in UK infrastructure and £29 billion in the UK in total. Our conservatively invested portfolio stands at £46.8 billion, and we were pleased to have avoided problems with US regional banks, commercial real estate, and those caused by the demise of Credit Suisse.
“Our balance sheet continues to be robust with a year-end solvency ratio of 211%, which means we went into the new year well placed to help trustees looking to secure their member benefits in what we expect to be a very busy year. During the first two months of 2024 we completed £1.5 billion of new business, with an industry pipeline of £50 billion expected to complete this year. PIC is well positioned to fulfil its purpose, which is to pay the pensions of its current and future policyholders, as well as to play a leading role in the future growth of the UK pension risk transfer market.”
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Notes to Editors:
For further information please contact:
PIC
Jeremy Apfel
+44 207 105 2140
[email protected]
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 year end 2023, PIC had insured 339,900 pension scheme members and had £46.8 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 £13.6 billion to its policyholders and has invested £13 billion in the UK economy, creating considerable social value. 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
