Reinsurance News

PIC completes £3.5bn of bulk annuity deals in H1

11th September 2020 - Author: Charlie Wood

Pension Insurance Corporation Group Limited (PICG), the parent company of specialist insurer Pension Insurance Corporation plc (PIC), completed £3.5 billion of bulk annuity deals in the first half of 2020.

Pension Insurance Corporation logoThe firm also completed £47.7 billion in financial investments, compared to £40.9 billion across the whole of 2019.

Reinsurance transactions covered £3.9 billion of liabilities, with over 80% of longevity exposure reinsured in aggregate.

Chief Executive Officer of PIC, Tracy Blackwell, explained that, despite a volatile and uncertain backdrop, PIC continued to win new business, manage risks, strengthen stakeholder relationships and garner support from shareholders and the debt markets during the first half of the year.

“Our focus on PIC’s purpose, to pay the pensions of our current and future policyholders, has helped us thrive in very difficult circumstances,” Blackwell said.

“Our policyholders have remained our absolute priority during this period and we have maintained a first-class service for them, alongside a very strong overall performance.

“I want to thank our employees for their efforts over the past few months and look forward to a successful second half of the year.”

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