Financial highlights:
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New pension insurance business of £2.6 billion of premiums, across 19 transactions, for clients including Total, Aon Hewitt and Freemantle Media
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£13.8 billion in financial investments under management (2013: £9.3 billion) and 103,600 pension fund members insured
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Pre-tax IFRS profit of £170 million (2013: £114 million)
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Underlying operating profit of £116 million (2013: £80 million)
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Embedded Value of £1,624 million (2013: £1,290 million)
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Statutory solvency ratio of 270% (2013: 249%)
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£300 million of new capital raised via PIC’s first bond issuance
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£2 billion of longevity exposure reinsured
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At 31 December 2014 66% of PIC’s longevity exposure was reinsured (2013: 60%)
Business highlights:
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Appointment of Tracy Blackwell as Deputy CEO, from Chief Investment Officer. A search for a replacement Chief Investment Officer is underway
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Transferred members of the £1.5 billion EMI pension scheme to become PIC policyholders in seven months
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Expansion of our unique policyholder events – almost 2,000 attendees in 2014
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PIC made £416m of annuity payments in 2014, up from £291m in 2013
John Coomber, Chief Executive Officer of Pension Insurance Corporation, said:
“2014 was another strong year for PIC, in which we passed the notable landmarks of 100 pension scheme clients, £10bn of Assets Under Management and 100,000 pensions insured. Customer service remains core to our business activity as we embrace the growing opportunity in the bulk annuity sector. I am delighted that Tracy Blackwell, who joined the company when it was founded, and as CIO has contributed so much to our current achievements, will be taking over from me as CEO when I retire at the end of June. I very much look forward to the company’s further successes under her leadership.”
Tracy Blackwell, Deputy CEO said:
“2014 was a record year for our sector, both in terms of the amount of liabilities insured and for the size of individual transactions. So despite gilt yields falling to record lows, the trend for pension schemes and their sponsors to de-risk is firmly established. PIC is well placed to help them achieve their aims. Our business is built on the solid foundations of financial strength, an excellent track record, a reputation for exceptional customer service and strong values. Any incoming CEO might count themselves fortunate to have two or three of these attributes. Having all four gives me the best start possible to continue the development of this business.”
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