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Pension Insurance Corporation Group 2023 results

  • Results

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.”

Highlights as at 31 December 2023

Policyholder payments and customer satisfaction

  • pension payments of £2.1 billion during the year, with a customer satisfaction level of 99.3%
    • PIC has now paid £13.6 billion in pensions in total
  • total pensions insured stand at 339,900 (FY2022: 302,200)
  • 93% of employees believe PIC is “truly customer oriented”
  • awards during 2023 include the Customer Commitment Award at the Institute of Customer Service Awards, Risk Reduction Provider of the Year award at the UK Pensions Awards, and Risk Management Provider of the Year at the Pensions Age awards
  • PIC awarded Investors in People, Silver

Robust balance sheet and defensive, low risk portfolio

  • solvency ratio of 211% (FY2022: 226%2)
  • equity own funds of £6 billion (FY2022: £5.2 billion2)
  • portfolio of £46.8 billion (FY2022: £41.2 billion3), with insurance liabilities of £41.2 billion (FY2022: £33.7 billion4)
    • £29 billion invested in the UK as at year end
    • no defaults for 11 years within the portfolio
  • PIC invested £1.6 billion in privately sourced UK debt investments during the year
    • invested £13 billion in UK infrastructure in total
  • Fitch Ratings affirmed PIC’s A+ (Strong) Insurer Financial Strength rating

New business, strong profit growth

  • new business premiums of £6.9 billion (FY2022: £4.1 billion), with an industry-wide new business pipeline of £50 billion
  • IFRS adjusted operating profit before tax (“AOPBT”) of £893 million (FY2022: £383 million5)
  • second dividend of 11 pence per ordinary share to be paid to PICG shareholders





Notes to Editors:

  1. the Pension Insurance Corporation Group (the "Group") includes PICG, the group holding company; PIC, the group regulated insurer; and Pension Services Corporation Ltd, the group service company
  2. now reported at consolidated Group level. These were previously reported at PIC level, our largest entity
  3. the comparatives for financial investments have been restated for the adoption of IFRS 9
  4. the comparatives for insurance liabilities have been restated for the adoption of IFRS 17
  5. the comparatives for AOPBT have been restated for the adoption of IFRS 17


For further information please contact:

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

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