PIC’s new business premiums rise to £6.5bn; record number of pensions insured

Written by Adam Cadle

27/09/2023

PIC’s new business premiums rose to £6.5bn in H1 2023, compared to £2.4bn a year earlier, with a record number of pensions insured, at 339,900, up from 302,220 for FY 2022.

The insurer said there is significant growth potential in the UK pension risk transfer market with potential UK PRT demand reaching over £200bn over the next three years.

Adjusted operating profit before tax was £506m (HY 2022: £152m), driven by higher new business profits and expected returns on surplus assets.

The firm’s investment portfolio hit £44.9bn (FY 2022: £41.2bn), with insurance liabilities of £38.7bn (FY 2022: £33.7bn). PIC invested more than £1bn in infrastructure assets during the six-month period, including the UK’s first reservoir for more than 30 years and completing its second investment to support the UK’s Government Property Agency, investing £268m in its Croydon hub.

“With a solvency ratio of 210%, the strength of our balance sheet will serve us well as increasing numbers of well-funded defined benefit schemes seek the security of the insurance regulatory framework,” PIC CEO Tracey Blackwell said.

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