TIDM37PB

RNS Number : 1058T

Pension Insurance Corporation PLC

24 March 2016

PENSION INSURANCE CORPORATION

2015 RESULTS

London, 24 March 2016 - Pension Insurance Corporation plc ("PIC"), a specialist insurer of defined benefit pension funds, today announces its audited results for the 12 months to 31 December 2015.

Financial highlights:

- New pension insurance business of GBP3.8 billion of premiums, for clients including Philips, Panasonic and the PLSA (formerly the NAPF)

   -     GBP16.6 billion in group financial investments under management (2014: GBP13.8 billion) 
   -     IFRS operating profit before tax of GBP188 million (2014: GBP154 million), up 22% in the year 
   -     Underlying operating profit of GBP133 million (2014: GBP116 million), up 15% in the year 
   -     Group embedded value of GBP1,873 million (2014: GBP1,624 million), up 15% in the year

- Solvency II solvency capital ratio of 151%; Statutory solvency ratio (Solvency I basis) of 231% (2014: 270%)

- GBP3.8 billion of longevity exposure reinsured during the year, with 73% of PIC's longevity exposure reinsured (2014: 66%)

   -     132,100 pension fund members insured (2014: 103,600)

- GBP900m of premiums written in the first quarter of 2016 with a full pipeline and strong prospects for the remainder of the year

   -     In line with the market, PIC will no longer publish Interim Management Statements

Business highlights:

- All Solvency II applications approved by the PRA including: Internal Model, Matching Adjustment and Volatility Adjustment

   -     Appointment of Tracy Blackwell as Chief Executive Officer

- Continued innovation in asset strategy with secured debt investments in Church of England retirement housing and Heathrow landing slots

- Accredited with the Institute of Customer Service's ServiceMark for "outstanding customer service"

   -     Largest ever full buyout completed with the GBP2.4 billion Philips Pension Fund 
   -     More than 2,000 attendees at our complimentary policyholder events during the year.

Tracy Blackwell, Chief Executive Officer of Pension Insurance Corporation, said: "In 2015 PIC achieved or exceeded our business goals in the key areas of customer service, financial performance, new business transactions and in positioning the business for Solvency II. Overall it was a fantastic year.

"PIC received regulatory approval for its full internal model, under which it had a strong solvency ratio at the year end. We transacted a record amount of new business during the year, with our team showing continued innovation and flexibility to help our clients achieve their goals. We were also delighted to have been accredited with ServiceMark by the Institute of Customer Service for our outstanding customer service. Despite a volatile economic and market backdrop 2016 is shaping up to be a very good year in the bulk annuity sector, with a strong pipeline of new business."

- ends -

Notes to Editors:

For further information please contact:

 
 Pension Insurance                                    +44 (0)20 7105 
  Corporation         Jeremy Apfel                     2140 
  apfel@pensioncorporation.com 
                                                      +44 (0)20 7240 
 Teneo Strategy       Anthony Silverman                2486 
  Anthony.Silverman@teneostrategy.com

About Pension Insurance Corporation

Pension Insurance Corporation plc ("PIC") provides tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension funds. PIC brings safety and security to scheme members' benefits through innovative, bespoke insurance solutions, which include deferred premiums and the use of company assets as part payment. At year end 2015 PIC had GBP16.6bn in assets and had insured 132,100 pension fund members. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 24, 2016 05:00 ET (09:00 GMT)

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