Pension Insurance Corporation reports stellar annual results

LONDON, UK: Pension Insurance Corporation Group Limited (PICG), the parent company of the specialist UK pension insurer PIC, has announced its final results for the year ending December 31, 2023. The company has recorded a year of robust performance, marked by sustainable growth, increased profitability, and exceptional customer service.

Tracy Blackwell, the CEO of PIC, highlighted the company’s significant achievements, including a £6.2 billion buy-in of two pension schemes from RSA Group, record pension payments totaling £2.1 billion, and maintaining a policyholder satisfaction level of 99.3%. Over the years, PIC has paid out £13.6 billion in pensions.

The company’s commitment to social value is evident in its continued investment in UK infrastructure, notably funding the country’s first reservoir in over three decades. With £13 billion invested in infrastructure and £29 billion in the UK, PIC’s conservatively managed portfolio is valued at £46.8 billion. The company has successfully navigated financial turbulence, steering clear of issues related to US regional banks, commercial real estate, and the fallout from Credit Suisse.

With a solid year-end solvency ratio of 211%, PIC is poised to support trustees in securing member benefits in the anticipated busy year ahead. In the first two months of 2024 alone, PIC has already completed £1.5 billion of new business and is part of an industry pipeline projected to reach £50 billion.

The year 2023 also saw PIC achieve several milestones in customer satisfaction and industry recognition, insuring a total of 339,900 pensions and earning accolades such as the Customer Commitment Award and Risk Management Provider of the Year.

Financially, the company stands on strong footing with a solvency ratio of 211%, equity own funds of £6 billion, and a total portfolio worth £46.8 billion. PIC’s investment strategy has yielded no defaults within its portfolio for 11 years, and Fitch Ratings has reaffirmed its A+ Insurer Financial Strength rating.

The surge in new business premiums to £6.9 billion, coupled with an IFRS adjusted operating profit before tax of £893 million, underscores the company’s profitable trajectory. Shareholders can look forward to a second dividend of 11 pence per ordinary share, reflecting the company’s confidence in its financial health and future prospects.

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