PIC RECORDS STRONG START TO 2024
London, 3 May 2024 - Pension
Insurance Corporation Group Limited1, ultimate parent
company of Pension Insurance Corporation plc ("PIC"), the
specialist insurer of UK defined benefit pension schemes, today
provides a PIC company update.
PIC
highlights as at 31 March 2024
-
Five new business transactions with total premiums
of £1.5 billion, for clients including De Beers and Next Group,
with a further £1.4 billion in exclusivity
o New
business pipeline of more than £50 billion
-
Solvency Capital Ratio of
212%2
-
£47.4 billion in financial
investments
o No
defaults in the portfolio
o No
exposure to residential ground rents
-
Launch of Mosaic, a streamlined service for small
pension schemes looking to complete a buyout
-
Re-awarded ServiceMark with Distinction by The
Institute of Customer Service for "consistently high customer
service levels"
Tracy Blackwell, CEO of Pension
Insurance Corporation plc, said: "PIC has had an excellent start to
the year, both in terms of helping trustees secure the pension
benefits of their members and as we continue to invest in the
economy. At the same time, we were very pleased to be recognised
again for the quality of our customer service, when we were
re-awarded ServiceMark with Distinction.
"We were delighted to launch Mosaic,
our streamlined buyout service for small schemes, helping to meet
the growing demand in that sector of the market. It's clear that
the pension risk transfer market is dynamic
and innovative as it evolves to meet the needs of trustees of
schemes of all sizes. In turn, this will help meet the investment
needs of the country over the course of this decade."
- 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
2) Estimated. In
addition, on 26 March 2024, the PICG Board approved a final
dividend for 2023 of £147 million (2022: £100 million). The solvency
ratio includes the impact of the dividend payment, which is
expected to be paid in May 2024.
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 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. At year end 2023, PIC had made
total pension payments of £13.6 billion to its policyholders
and 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