Our portfolio
Minimising risk. Maximising impact
Our investments secure more than the pensions of our policyholders. They’re helping to green the economy, provide social housing, regenerate our cities, support our universities and benefit generations to come. We’re delivering long-term, socially beneficial outcomes.

Why we invest the way we do
We invest for the long-term, to provide secure and stable cashflows that will pay the pensions of our policyholders for decades to come.
Our portfolio is robust and durable. It’s designed to:
- hold up against the ups and downs of the market
- always pay the pensions of our policyholders
- be socially beneficial
Weatherproofing
Our portfolio is made up of high-quality, low-risk assets – we’re risk averse, long-term investors. So our portfolio is designed to deliver stable cashflows regardless of ups and downs in the market.
How we do it
We invest in a mix of public credit and privately sourced debt. Our assets are primarily managed in-house, which includes our holdings in gilts, supranational bonds and privately sourced debt. Our UK, US and emerging market listed debt, as well as our US municipal bond investments, are managed by our asset management partners.
High-quality, diversified asset portfolio

Privately sourced investments
We’ve made significant investments in privately sourced debt over many years. Choosing secure, long-term opportunities that provide steady cashflows, such as social housing, renewable energy and the UK’s universities.
How we manage risk
Certain
We need stable cash flows from our investments. So that’s what we focus on, rather than the daily valuations of our underlying assets.
Secure
We don’t take unnecessary risks. Our business operates within the regulated insurance industry framework called Solvency II – so we’re almost exclusively a fixed income investor.
Predictable
Our liabilities can last for decades. We look for long-term investments that will pay the pensions of our policyholders and create social value.