TIDM37PB
RNS Number : 6664Y
Pension Insurance Corporation PLC
08 September 2022
PIC ANNOUNCES STRONG SET OF
HALF YEAR RESULTS
London, 8 September 2022 - Pension Insurance Corporation Group
Limited(1) ("PICG"), the ultimate parent company of Pension
Insurance Corporation ("PIC"), a specialist insurer of defined
benefit pension schemes, today presents a set of results which
demonstrate the strength of its business model amidst difficult
economic and market conditions, and which position the business
well for the second half and into 2023.
Tracy Blackwell, Chief Executive Officer of PIC, said: "PIC had
an excellent first half in which we secured the pensions of an
additional 10,500 policyholders and today report a robust balance
sheet, positioning the business well to address the significant
pipeline of new business over the next 12 months and beyond.
"During the first half we paid out GBP860 million in pensions to
our policyholders and have now made almost GBP9 billion in pension
payments in total. I am delighted that our policyholders continue
to give us exceptional feedback on our customer service, with an
overall satisfaction score from them of 99.7%, demonstrating our
focus on our purpose and values.
"We also made significant progress in the evolution of our
purposeful investment strategy, including an GBP83 million
regeneration lease investment in Newham to help manage the area's
housing shortfall, and a GBP130 million regeneration lease
investment in The Wirral, the cornerstone investment in the UK's
largest urban regeneration project, creating social value across
generations."
Key highlights
Policyholders
- Overall score of 99.7% (FY2021: 99.6%) for policyholder satisfaction
- During the first half paid out GBP860 million (HY2021: GBP786
million) in pensions to our 293,400 policyholders (FY2021:
282,900)
- The Institute of Customer Service's latest survey of our
policyholders shows they are more satisfied than customers of some
major household names, and that we are one of the very best
organisations in the country for customer service
New business and profit
- New business premiums of GBP2.4 billion (HY2021: GBP385 million)
- The market is presenting a strong pipeline of new business for
the second half of the year and into 2023
- IFRS profit before tax at 30 June 2022 of GBP923 million
(HY2021: GBP10 million), driven by rising interest rates, alongside
returns from our in-force book
Strong balance sheet and low risk, purposeful investment
portfolio
- Solvency Ratio of 192% (FY2021: 168%)
- Portfolio at 30 June 2022 was GBP44.1 billion (FY2021: GBP51.1
billion), with the decrease attributable to higher interest
rates
- No defaults and more upgrades than downgrades within the credit portfolio over the period
- GBP404 million invested in privately-sourced debt, such as
social housing and the UK's universities
- Announced our third Build-to-Rent development, an GBP80
million redevelopment of a brownfield site in Milton Keynes
- Two further regeneration leases announced, supporting local
councils: an GBP83 million regeneration lease in Newham to help
manage the area's housing shortfall, and a GBP130 million
regeneration lease project in The Wirral
- Inaugural investment into the retirement living sector through
a new joint venture with Octopus Real Estate to develop up to 10
retirement villages across the UK announced early in H2
Social responsibility
- The first half of the year has been marked by the increasingly
difficult economic environment and the growing cost of living
crisis for people across the country. We see the impact that this
is having on many of our stakeholder groups and will be making a
significant charitable donation. We will make an announcement
regarding this in the coming weeks, once the details have been
confirmed
- 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.
For further information please contact:
Jeremy Apfel
Head of Corporate Affairs
+44 (0)20 7105 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
30 June 2022, PIC had insured 293,400 pension scheme members and
had GBP44.1 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. To
date, PIC has made total pension payments of almost GBP9 billion to
its policyholders. 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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END
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