TIDM37PB
RNS Number : 4938Y
Pension Insurance Corporation PLC
10 September 2020
PENSION INSURANCE CORPORATION GROUP
FINANCIAL RESULTS SUMMARY FOR
SIX MONTHS TO 30 JUNE 2020
London, 10 September 2020 - Pension Insurance Corporation Group
Limited(1) ("PICG"), ultimate parent company of Pension Insurance
Corporation ("PIC"), the specialist insurer of defined benefit
pension funds, today announces its unaudited results for the six
months to 30 June 2020.
PICG financial highlights in HY2020:
- Five new business transactions with total premiums of GBP3.5 billion
- GBP47.7 billion in financial investments (FY2019: GBP40.9
billion), with zero defaults and only 0.2% of the portfolio moving
from Investment Grade to Non Investment Grade.
- Market Consistent Embedded Value (MCEV) of GBP4,623 million (FY2019: GBP3,874 million)
- Adjusted Equity Own Funds(2) of GBP5,624 million (FY2019: GBP4,504 million)
- IFRS Net Asset Value of GBP3,902 million (FY2019: GBP3,215 million)
- Solvency Capital Ratio of 153% (FY2019: 164%)
- Reinsurance transactions covered GBP3.9 billion of liabilities
(HY2019: GBP7.1 billion), with over 80% of longevity exposure
reinsured in aggregate
- 237,600 pension fund members insured in total (FY2019: 225,100)
Business highlights:
- In January, the Group's existing shareholders agreed to
subscribe GBP750 million of new equity capital, the final tranche
of GBP300 million being drawn down in September to support strong
new business flows
- In May, the Group's subsidiary, PIC, successfully issued
GBP300 million of Tier 2 subordinated notes
- In May, Fitch affirmed PIC's Insurer Financial Strength Rating
at 'A+' (Strong) and Long-Term Issuer Default Rating (IDR) at
'A'
- 99.5% of policyholders surveyed indicated that they are satisfied or better with
our customer service (FY2019 99.1%)
- PIC won the Pensions Age "Risk Management Provider of the Year" award
Tracy Blackwell, Chief Executive Officer of PIC, said: "Despite
a volatile and uncertain backdrop, PIC has continued to win new
business, manage our risks, strengthen our stakeholder
relationships and garner considerable support from both our
shareholders and the debt markets during the first half. Our focus
on PIC's purpose, to pay the pensions of our current and future
policyholders, has helped us thrive in very difficult
circumstances.
"Our policyholders have remained our absolute priority during
this period and we have maintained a first-class service for them,
alongside a very strong overall performance. I want to thank our
employees for their efforts over the past few months and look
forward to a successful second half of the year."
- ends -
Notes to Editors:
1) The Pension Insurance Corporation 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.
For further information please contact:
Pension Insurance Corporation Jeremy Apfel +44 (0)20 7105 2140
apfel@pensioncorporation.com
Teneo Douglas Campbell +44 (0)20 3757 9247
douglas.campbell@teneo.com
About Pension Insurance Corporation
The purpose of Pension Insurance Corporation ("PIC") plc 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 half-year 2020, PIC had insured
237,600 pension scheme members and had GBP47.7 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
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