TIDM37PB
RNS Number : 3934T
Pension Insurance Corporation PLC
20 March 2023
PENSION INSURANCE CORPORATION GROUP
2022 RESULTS
London, 20 March 2023 - Pension Insurance Corporation Group
Limited(1) ("PICG" or the "Company"), ultimate parent company of
Pension Insurance Corporation plc ("PIC"), the specialist insurer
of UK defined benefit pension schemes, today announces its final
results for the 12 months to 31 December 2022.
A presentation for bondholders and other stakeholders on the
2022 final results will be available from 8.00am GMT, on 20 March
2023, at: PICG 2022 Bondholder Presentation
Resilient balance sheet and conservative investment
portfolio
- PIC solvency ratio of 225% (FY2021: 168%)
- Shareholder equity own funds(2) of GBP5,160 million (FY2021: GBP4,619 million)
- Adjusted operating profit of GBP388 million (FY 2021: GBP533 million)
- Portfolio of financial investments of GBP41 billion (FY2021:
GBP51.1 billion), with gross insurance liabilities of GBP33 billion
(FY2021: GBP47 billion) - decreases mainly attributable to higher
interest rate environment
- No defaults and limited downgrades within the portfolio
- 87% of longevity exposure reinsured in aggregate
- In May 2022, Fitch Ratings affirmed PIC's A+ (Strong) Insurer Financial Strength rating
- Inaugural dividend of 7.5 pence per ordinary share to PICG shareholders
Long-term partnership approach generating social value
- Total new business premiums of GBP4.1 billion (FY2021: GBP4.7
billion), including for long-term clients IMI and British American
Tobacco. Market leading GBP6.5 billion buy-in with two Schemes
sponsored by RSA announced in February 2023
- To date, 75 repeat transactions completed with trustee
clients, covering GBP15 billion of liabilities, and the benefits of
over 90,000 scheme members
- GBP2.1 billion invested in privately sourced debt in 2022,
including in sectors such as social housing, electrified rolling
stock, and urban regeneration, with more than 20% of these
investments being with existing partners during the year
- To date, PIC has made GBP11.4 billion of UK direct investments
Policyholder care and customer service
- 302,200 pension scheme members insured at year end ( 2021: 282,900)
- GBP1.76 billion of pensions paid in the year, with GBP10.6 billion paid since 2013
- 99.6% customer satisfaction level as expressed by PIC's policyholders (FY2021: 99.6%)
- Resumed in-person policyholder events, with more than 25,000
attendees across the country to date
Employee responsibility
- 89% of employees are proud to work at PIC
- Mean gender pay gap of 10.2% (2021: 18.4%), well below the
financial services average of 26.5%(3)
- Awarded "Investors in People" silver accreditation
Tracy Blackwell, Chief Executive Officer of PIC, said: "PIC had
a strong year and our focus on our purpose of paying the pensions
of our current and future policyholders ensured that we ended the
year with an increasing presence across the country, creating
considerable social value. As a result of our robust year end
solvency ratio of 225% we are ideally placed to help trustees
secure their members' benefits, and indeed after year end announced
the largest ever bulk annuity transaction, a GBP6.5 billion buy-in
with two schemes sponsored by insurance company RSA.
"Our long-term approach to relationships underpins a significant
amount of new business and investment opportunity. In total, we
have now completed 75 repeat transactions with trustee clients,
covering GBP15 billion of liabilities, and the benefits of over
90,000 scheme members, including two significant transactions in
the year. On the asset side of the balance sheet, over 20% of our
privately-sourced debt investments were with our existing partners
during 2022.
"We remain focused on providing excellent customer service and
were proud to have policyholder satisfaction levels in excess of
99% on pension payments of more than GBP1.7 billion during the
year. I'm delighted that we were able to restart our in-person
policyholder events, our first since 2019.
"Finally, it's pleasing that as a result of the strength of the
balance sheet and many years of hard work, the Board proposed an
inaugural dividend of 7.5 pence per ordinary share to the Group's
shareholders. I look forward to a successful 2023."
- 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.
2) Defined as PIC Solvency II own funds, with notional RT1 and Tier 2 debt deducted
3) Industry-wide figures as at October 2021, latest available.
For further information please contact:
PIC Jeremy Apfel + 44 (0)207 105 2140
apfel@pensioncorporation.com
Apella Advisors for PIC Anthony Silverman +44 (0)7818 036579
PIC@apellaadvisors.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
year end 2022, PIC had insured 302,200 pension scheme members and
had GBP41 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 GBP10.6 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
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
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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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