37PB Pension Ins 24

TIDM37PB

RNS Number : 8546O

Pension Insurance Corporation PLC

13 October 2021

DOMINIC VENEY APPOINTED

CHIEF FINANCIAL OFFICER OF

PENSION INSURANCE CORPORATION

London, 13 October 2021 - Pension Insurance Corporation plc ("PIC"), a specialist insurer of defined benefit pension schemes, today announces that Dominic Veney has been promoted to Chief Financial Officer. Subject to regulatory approval, Dominic will succeed Rob Sewell as CFO and a Director of PIC when he retires at the end of the year.

Dominic joined PIC in April 2018 as Chief Actuary, with responsibility for monitoring and reporting the company's solvency position and supporting the company's financial reporting. Dominic has 25 years' experience in the UK life insurance industry, including as a partner at PwC, where he led their Life Actuarial Practice.

Tracy Blackwell, CEO of PIC, said: "The CFO has a significant leadership role in any business, but this appointment comes at a critical point for PIC as we build out the business in preparation for considerable growth in a period of regulatory change. I have worked closely with Dominic in his role as Chief Actuary and he understands the centrality of our purpose and culture in this regard. Dominic has also been key in the development of our reporting metrics as we seek to make the business more transparent for our investors and other stakeholders. Dominic is the right person to work alongside me as we drive the business forward and I am delighted he is taking on this challenge.

"Having said that, this is a bittersweet moment for me as Rob Sewell retires from the business. We have been close colleagues since Rob joined PIC in 2008 and I have valued his advice and counsel, and admired how he has led PIC's finance team. The business is almost unrecognisable in many ways from the one he joined then, having developed into a major UK insurer with a GBP50 billion portfolio and a significant presence across the UK. Rob has been at the heart of this development, playing a critical role in the growth of the business. I want to thank him for all his efforts."

Dominic Veney, CFO-designate at PIC, said: "PIC is an exceptional business, but in many ways it really is only at the start of its growth journey, so I am delighted to have been appointed CFO and able to play a key part in that future development. I look forward to working with Tracy in leading the business."

Rob Sewell, CFO at PIC, said: "My time at PIC has been the defining period in my career. Playing a part in the development of a business that is financially strong and with a clear sense of social purpose has been immensely rewarding, as has the opportunity to work with a fantastic group of colleagues over the last 13 years. Dominic is an excellent choice of CFO and I wish him and the company all the very best for the future."

- Ends -

Notes to Editors:

For further information please contact:

   Pension Insurance Corporation        Jeremy Apfel                           +44 (0)20 7105 2140 

apfel@pensioncorporation.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 2021, PIC had insured 270,800 pension scheme members and had GBP47.6 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. 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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