TIDM37PB

RNS Number : 0038C

Pension Insurance Corporation PLC

16 June 2021

PENSION INSURANCE CORPORATION GROUP

MAJOR SHAREHOLDER CHANGES

London, 16 June 2021 - Pension Insurance Corporation Group Limited ("PICG" or the "Company"), ultimate parent company of Pension Insurance Corporation plc ("PIC"), the specialist insurer of defined benefit pension schemes, today confirms changes to its register of major shareholders, and consequent Board membership.

PICG's major investors:

 
 Shareholder                    No of ordinary shares   % of the issue ordinary 
                                 held as at 16 June      share capital as 
                                 2021                    at 16 June 2021 
 Reinet PC Investments 
  (Jersey) Limited on behalf 
  of Reinet Investment 
  S.C.A.                        658,792,700             49.38 
                               ----------------------  ------------------------ 
 Luxinva S.A. on behalf 
  of ADIA                       242,192,115             18.15 
                               ----------------------  ------------------------ 
 Blue Grass Holdings Limited 
  on behalf of CVC              231,825,290             17.38 
                               ----------------------  ------------------------ 
 MP 2019 K2 Aggregator 
  on behalf of HPS              135,008,422             10.12 
                               ----------------------  ------------------------

As a new shareholder with more than 10% of ordinary share capital, HPS have nominated a Director to the PICG Board. The Board of Directors of PICG now consists of 12 Directors, of whom six are independent, five are shareholder nominations, and one is executive management. The PICG Board should have a majority of independent NEDs ("INEDs") in line with the UK Corporate Governance Code. PICG is currently recruiting a further INED to restore this position. HPS have also nominated a Director to the PIC Board.

As at 16 June 2021, the total share capital of PICG is 1,334,205,407 ordinary shares.

- ends -

Notes to Editors:

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 and stable retirement incomes through leading customer service, comprehensive risk management and excellence in asset and liability management. At 31 December 2020, PIC had insured 273,500 pension scheme members and had GBP49.6 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.

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END

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