TIDM37PB
RNS Number : 3229F
Pension Insurance Corporation PLC
09 March 2020
PENSION INSURANCE CORPORATION GROUP
2019 RESULTS
London, 9 March 2020 - Pension Insurance Corporation Group
Limited(1) ("PICG" or the "Company"), ultimate parent company of
Pension Insurance Corporation plc ("PIC"), the specialist insurer
of defined benefit pension schemes, today announces its final
results for the 12 months to 31 December 2019, following the
release of its preliminary results on 27 January 2020. In addition,
on 13 February 2020, PICG announced that existing shareholders are
investing GBP750 million of new capital to support the continued
development and growth of PIC in the pension risk transfer market
.
A presentation for bondholders and other stakeholders on the
2019 final results will be available from 10am GMT, on 9 March
2020, at the following link:
https://webcasts.eqs.com/picg20200226/en
PICG 2019 financial highlights:
- 15 new business transactions with total premiums of GBP7.2
billion (2018: GBP7.1 billion), a record, for clients including
British American Tobacco, Marks & Spencer and Somerfield. Since
the start of 2020, PIC has signed new business transactions
totalling GBP2.6 billion with schemes including Co-op and MNOPF
- GBP40.9 billion in financial investments (FY2018: GBP31.4 billion)
- Market Consistent Embedded Value (MCEV) of GBP3,874 million (FY2018: GBP3,638 million)
- Adjusted Equity Own Funds (2) of GBP4,504 million (FY2018: GBP4,174 million)
- IFRS Net Asset Value of GBP3,215 million (FY2018: GBP2,457 million)
- Solvency Capital Ratio of 164% (FY2018: 167%)
- 81% of longevity exposure reinsured
- 225,100 pension fund members insured in total (2018: 192,100)
- In February 2019, PIC was affirmed an Insurer Financial Strength credit rating of A+ by Fitch
Business highlights:
- GBP1.9 billion invested in areas such as social housing,
renewable energy and the UK's universities (2018: GBP2.5
billion)
- 99.1% of policyholders surveyed have indicated that they are
satisfied or better with our customer service; 84.2% gave us
maximum score
- PIC attained "Investor in People" status; won the "UK Customer
Commitment" award from the Institute of Customer Service; was named
"Insurer of the Year" at the Risk Awards; and won the "Risk
Management Firm of the Year" award at the European Pensions
Awards
Tracy Blackwell, Chief Executive Officer of PIC, said: "2019 was
another excellent year for PIC, in which we continued to meet the
substantial and growing demand for pension risk
transfer by focussing clearly on our purpose, as well as
delivering excellent customer service, and maintaining a
financially robust balance sheet. I want to thank our employees for
the significant contribution they have made and I look forward to
PIC's continued success."
- 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) Adjusted Equity Own Funds is calculated as Solvency II own
funds deducting hybrid debt (including Restricted Tier 1 debt) and
removing the gross impact of the Risk Margin and the Transitional
Measures on Technical Provisions (TMTP's), disregarding any tax
impact.
3) The offered shares were issued on a partly paid basis, with
60 per cent. paid initially in February 2020 and the remaining 40
per cent. to be paid at the request of PICG, with the current
intention being to call the unpaid amounts by the 26 January 2021
as needed to meet market demand for pension risk transfer.
4) The group issued GBP450m of Restricted Tier 1 debt in 2019
which is accounted for under IFRS as equity and therefore increases
IFRS net assets by a similar amount.
5) Summary of Key Financial Metrics for 2019 (GBP million where relevant):
PICG (unless indicated otherwise): FY2019 FY2018
Embedded value (MCEV) 3,874 3,638
------- -------
Own funds* 4,844 3,917
------- -------
Adjusted Equity Own Funds* 4,504 4,174
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Solvency capital requirement* 2,954 2,343
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Solvency ratio* 164% 167%
------- -------
New business premium 7,186 7,150
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Financial investments 40,886 31,371
------- -------
IFRS net asset value 3,215 2,457
------- -------
*Refers to PIC plc
For further information please contact:
PIC Jeremy Apfel +44 (0)20 7105 2140
apfel@pensioncorporation.com
Teneo Douglas Campbell +44 (0)20 3757 9247
douglas.campbell@teneo.com
About PIC
The purpose of PIC is to pay the pensions of its current and
future policyholders. PIC provides secure and stable retirement
incomes through leading customer service, comprehensive risk
management and excellence in asset and liability management. At 31
December 2019, PIC had insured 225,100 pension scheme members and
had GBP40.9 billion in financial investments, accumulated through
the provision of tailored pension insurance buyouts and buy-ins to
the trustees and sponsors of U.K. defined benefit pension schemes.
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
No Offer or Invitation and Selling Restrictions
This announcement does not constitute or form part of, and
should not be construed as, an offer or invitation to sell any
securities, or the solicitation of an offer to subscribe for or
purchase any securities, and nothing contained herein shall form
the basis of or be relied on in connection with any contract,
investment or commitment whatsoever.
This announcement is not intended for release, publication or
distribution to a person located or resident in any jurisdiction
where it is unlawful to release, distribute or publish this
document. The securities referred to herein have not been and will
not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an available exemption from registration.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR EADDKEDLEEFA
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