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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 2025.
Tracy Blackwell, Chief Executive Officer of PIC, said: “PIC had a good first half underpinned by our resilient balance sheet, careful approach to the asset markets, and continued investment in customer service.
“We completed £1.1 billion of new business with eight schemes during the first half, including with the Financial Services Compensation Scheme Pension Scheme. In August we were delighted to sign a landmark £4.3 billion buy-in with the Rolls-Royce UK Pension Fund, covering the benefits of 36,000 people. The Fund has invested significantly in exceptional customer service for their members, so it was especially pleasing to have won this transaction based on our ability to provide the same levels of customer care and consideration.
“The continued growth of the pension risk transfer market will be driven by the desire of the trustees of UK defined benefit pension schemes to secure their members’ benefits for the long term. This growth will be supported by the capacity and capability of institutions like PIC to invest at scale in UK housing and infrastructure. PIC has developed deep expertise in both areas and will continue to be a leader in this market based on our simple purpose, paying the pensions of our current and future policyholders.”
On 3 July 2025, the acquisition of PICG by Athora Holding Limited, a leading pan-European savings and retirement services group, was announced. Subject to regulatory approval, PIC will become the UK insurance business of Athora. The transaction is expected to close in early 2026.
-Ends-
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.
For further information please contact:
PIC
Jeremy Apfel
+44 207 105 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 2025, PIC had fully secured the pensions of 399,200 people, and had a portfolio of £51.5 billion, 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 £17.8 billion to its policyholders, with a 99% customer satisfaction rating. PIC has invested £14.6 billion in private investments to date including in UK housing and infrastructure, 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