TIDM37PB
RNS Number : 4969E
Pension Insurance Corporation PLC
11 March 2022
PENSION INSURANCE CORPORATION GROUP
2021 RESULTS
London, 11 March 2022 - Pension Insurance Corporation Group
Limited(1) ("PICG" or the "Company"), ultimate parent company of
Pension Insurance Corporation plc ("PIC"), the specialist insurer
of defined benefit pension schemes, today announces its final
results for the 12 months to 31 December 2021.
A presentation for bondholders and other stakeholders on the
2021 final results will be available from 10.00am GMT, on 11 March
2022, at the following link: PICG 2021 Bondholder Presentation.
PICG 2021 highlights:
- PIC Solvency II ratio of 168% (FY2020: 157%)
- Adjusted Operating Profit of GBP533 million (FY2020: GBP349 million)
- Portfolio of financial investments of GBP51.1 billion (FY2020: GBP49.6 billion)
- 14 new business transactions with total premiums of GBP4.7
billion (FY2020: GBP5.6 billion across seven transactions), for
clients including the Metal Box Pension Scheme (largest of the
year), and repeat transactions for the IMI and British American
Tobacco Pension Schemes , and the Merchant Navy Officers Pension
Fund (MNOPF)
- Environmental, Social and Governance investments of GBP10.9
billion in total (FY2020: GBP10.1 billion)
- 85% of longevity exposure reinsured in aggregate
- 282,900 pension scheme members insured in total (2020: 271,500)
- In May 2021, PIC was re-affirmed an Insurer Financial Strength credit rating of A+ by Fitch
- Ukraine: PIC has been carefully managing the portfolio over
recent years with increased investment into more secure assets.
During 2021 we continued this strategy, focussing on consolidating
our investments into assets that protect against market volatility.
We therefore have extremely limited direct exposure to the region,
with a legacy asset of circa GBP3m held in shareholder funds. We
are confident in the resilience of our portfolio and the situation
remains under careful review.
2021 business highlights:
- GBP2.3 billion invested in privately sourced debt in areas
such as social housing, renewable energy and not-for-profits (2020:
GBP1.8 billion)
- 99.6% of policyholders surveyed have indicated that they are
satisfied or better with our customer service (FY2020: 98.7%)
- 90% of employees express pride in working for PIC
- PIC's gender pay gap was 18.4% (2020: 25.3%)
- PIC was re-awarded "ServiceMark with Distinction" by the
Institute of Customer Service; was named "Pensions Insurance Firm
of the Year" at the European Pensions Awards; and "Risk Reduction
Provider of the Year" at the UK Pension Awards
Tracy Blackwell, Chief Executive Officer of PIC, said: "The
results that we have published today demonstrate a resilient,
profitable business with a considerable and rapidly increasing
presence across the economy. We have a robust balance sheet and
strong Adjusted Operating Profit, our preferred assessment of the
long-term nature of the business.
"By focussing on fulfilling our purpose of paying the pensions
of our current and future policyholders, PIC creates considerable
long-term value for society and all our stakeholders. In our 15(th)
anniversary year, the business has now paid GBP8 billion in
pensions and has GBP10 billion invested across the country in
sectors as diverse as social housing, renewable energy, education
and in projects that help regenerate our cities. Recent investments
are helping dynamic local authorities alleviate homelessness and we
were also delighted to be the cornerstone investor in the UK's
largest urban regeneration project, taking our investment in urban
regeneration to GBP500 million over 18 months.
"As an active participant in the debate on Solvency II we
believe that judicious reform could help to usher in a golden age
of investment in the UK's social fabric, as we back the pensions of
older generations with investment in the vital infrastructure
needed by younger and future generations.
"I am pleased that we have presented a strong set of results,
which lay the foundations for success in 2022 and over the coming
years."
- 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:
PIC Jeremy Apfel +44 (0)20 7105 2140
apfel@pensioncorporation.com
Apella Advisors Andrew Brown +44 (0)7721 513777
PIC@apellaadvisors.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 2021, PIC had insured 282,900 pension scheme members and
had GBP51.1 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
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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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