PIC reports ‘strong’ H1 despite fall in new business

Written by Francesca Fabrizi

12/09/2024

Pension Insurance Corporation (PIC) has reported a “strong” H1, with record numbers of pensions insured and policyholder pension payments made, despite new business being down on last year, according to its half-year results.

The number of pensions insured by the firm during the six months to 30 June 2024 were reported as 348,600, up from 339,900 in H1 2023; while a record number of policyholder pension payments of £1.1bn were made during the six-month period.

New business for the specialist DB insurer, however, was down on last year, with £3bn of new business completed in the six-month period compared to £6.5bn in H1 2023, as the firm, according to chief executive officer, Tracy Blackwell, focused on developing its offering and improving customer service.

The results also a highlighted a further £1.6bn of new business, either in exclusivity, or signed, by the end of August; and a new business pipeline of up to £45bn.

“PIC had a strong first half as we focused on developing our offering for trustees seeking to de-risk their members’ pensions, including launching our streamlined service for small schemes, Mosaic," Blackwell stated.

"We worked to improve our already excellent levels of customer service for our policyholders and were pleased to win multiple awards based on our customer service offering.”

Other highlights for the firm included the launch of PIC on demand, an online policyholder service with downloadable content; and becoming founding signatories to the Accounting for Sustainability Sustainability Principles Charter for new pension insurance transactions.

The firm, added Blackwell, “continued to invest in UK infrastructure and housing based on our partnership approach” and, looking ahead, said the firm intends to invest “significantly more in these areas over the coming years”.

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