PIC completes largest ever total of new business premiums

Written by Adam Cadle

18/03/2025

Pension Insurance Corporation (PIC) completed its largest ever total of new business premiums in 2024 at £8.1bn, according to its latest result for the 12 months to 31 December.

The pensions of an additional 62,000 pension scheme members were guaranteed, bringing the total number of insured pension benefits to almost 400,000 people.

Its investment portfolio rose to £50.9bn (FY2023: £46.8bn), with insurance liabilities of £44.3bn (FY2023: £41.2bn).

A total value of £30bn was invested in the UK at year end in gilts, corporate credit, and private investments. In addition, £13.8bn was invested to date in UK private investments, including housing and infrastructure.

Tracy Blackwell, CEO of PIC, said: “Despite expensive asset market conditions and interest rate volatility, PIC generated significant value for the year at a lower capital strain. We are well positioned to add further value once market conditions become more favourable. Finally, as we continue building a secure and sustainable business, our year end solvency ratio, at 237%, is well above our long-term average, which allowed us to declare dividends of £307m and special dividends of £306m for the year.”

Related Articles