Pension Insurance Corporation Group Limited, the ultimate parent company of Pension Insurance Corporation plc (PIC), the specialist insurer of UK defined benefit pension schemes, has released its full-year results for 2022.
The company reported a total adjusted operating profit of £388 million for FY22, compared to £533 million from 2021.
At the same time, the firm reported £4,095 million in premiums for the full-year, a slight decrease from 2021’s £4,702 million.
Net premium revenue earned for the full-year increased to £4,021 million from £3,856 million from 2021.
PIC’s portfolio of financial investments for FY22 was £41 billion, compared to the previous years £51.1 billion, with gross insurance liabilities of £33 billion.
Further, PIC reported a 225% Solvency II Ratio for the full-year, compared to 168% from 2021.
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 £6.5 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 £15 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 £1.7 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.”
