TIDM37PB
RNS Number : 5971S
Pension Insurance Corporation PLC
18 March 2021
PENSION INSURANCE CORPORATION GROUP
2020 RESULTS
London, 18 March 2021 - Pension Insurance Corporation Group
Limited(1) ("PICG" or the "Company"), ultimate parent company of
Pension Insurance Corporation plc ("PIC"), the specialist insurer
of defined benefit pension schemes, today announces its final
results for the 12 months to 31 December 2020.
A presentation for bondholders and other stakeholders on the
2020 final results will be available from 10.30am GMT, on 18 March
2021, at the following link:
https://www.investis-live.com/pension-insurance-corporation/602d10c72fb49a0a00f2fb71/fwef
PICG 2020 financial highlights:
- Seven new business transactions with total premiums of GBP5.6
billion (2019: GBP7.2 billion), for clients including the Old
British Steel Pension Scheme, the Co-op Pension Scheme and the
Merchant Navy Officers Pension Fund (MNOPF)
- Profit before tax GBP276 million (2019: GBP394 million)
- GBP49.6 billion in financial investments (FY2019: GBP40.9 billion)
- Market Consistent Embedded Value (MCEV) of GBP5.0 billion (FY2019: GBP3.9 billion)
- Adjusted Equity Own Funds (2) of GBP5,915 million (FY2019: GBP4,504 million)
- IFRS Net Asset Value of GBP4,167 million (FY2019: GBP3,215 million)
- Solvency Capital Ratio of 157% (FY2019: 164%)
- 84% of longevity exposure reinsured in aggregate
- 273,500 pension scheme members insured in total (2019: 225,100)
- In October 2020, PIC was re-affirmed an Insurer Financial
Strength credit rating of A+ by Fitch
Business highlights:
- GBP1.8 billion invested in areas such as social housing,
renewable energy and not-for-profits (2019: GBP1.9 billion)
- 98.7% of policyholders surveyed have indicated that they are
satisfied or better with our customer service
- The Group successfully completed a GBP750 million equity raise
from existing shareholders to support continued growth of the
business in the Pension Risk Transfer market
- The Group's subsidiary, PIC, successfully issued GBP300
million of Tier 2 subordinated notes in May 2020 and a further
GBP400 million of Tier 2 subordinated notes in October 2020
- PIC was re-awarded "ServiceMark with Distinction" by the
Institute of Customer Service; was named "Pensions Insurance Firm
of the Year" at the European Pensions Awards, "Risk Reduction
Provider of the Year" at the UK Pension Awards, and "Risk
Management Provider of the Year" at the Pensions Age Awards
Tracy Blackwell, Chief Executive Officer of PIC, said: "I am
immensely proud that the Company has had such a good year despite
the challenging social and economic circumstances. First, I want to
thank all our employees, who have demonstrated resilience and
flexibility and put in much hard work in sometimes difficult
personal circumstances.
"PIC's purpose provided a focal point for the entire business
during this very difficult year, in which we guaranteed the
pensions of tens of thousands of people, backing their benefits
with a purposeful investment strategy leading to significant
investments in renewable energy and social housing. Throughout the
pandemic we have maintained our commitment to excellence in
customer service and so it was pleasing that we were re-awarded the
ServiceMark with Distinction for delivering first class customer
service.
"The business ended the year financially strong with an enhanced
reputation for customer service. There were many challenges
throughout the year, but I am looking forward to 2021 as a year
when we can return to some level of normality, which will only
benefit our policyholders, employees and other stakeholders."
- ends -
Notes to Editors:
1) The Pension Insurance Corporation Group (the "Group")
includes PICG, the group holding company; PIC, the group regulated
insurer; and Pension Services Corporation Ltd, the group service
company.
2) Adjusted Equity Own Funds is calculated as Solvency II own
funds deducting hybrid debt (including Restricted Tier 1 debt) and
removing the impact of the Risk Margin and the Transitional
Measures on Technical Provisions (TMTP's), disregarding any tax
impact.
3) Summary of Key Financial Metrics for 2020 (GBP million where relevant):
PICG (unless indicated otherwise): FY2020 FY2019
Embedded value (MCEV) 4,964 3,874
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Own funds* 6,710 4,844
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Adjusted Equity Own Funds* 5,915 4,504
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Solvency capital requirement* 4,261 2,954
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Solvency ratio* 157% 164%
------- -------
New business premium 5,649 7,186
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Financial investments 49,648 40,886
------- -------
IFRS net asset value 4,167 3,215
------- -------
*Refers to PIC plc
For further information please contact:
PIC Jeremy Apfel +44 (0)20 7105 2140
apfel@pensioncorporation.com
Teneo Douglas Campbell +44 (0)20 3757 9247
douglas.campbell@teneo.com
About PIC
The purpose of PIC is to pay the pensions of its current and
future policyholders. PIC provides secure and stable retirement
incomes through leading customer service, comprehensive risk
management and excellence in asset and liability management. At 31
December 2020, PIC had insured 273,500 pension scheme members and
had GBP49.6 billion in financial investments, accumulated through
the provision of tailored pension insurance buyouts and buy-ins to
the trustees and sponsors of U.K. defined benefit pension schemes.
Clients include FTSE 100 companies, multinationals and the public
sector. PIC is authorised by the Prudential Regulation Authority
and regulated by the Financial Conduct Authority and Prudential
Regulation Authority (FRN 454345). For further information please
visit www.pensioncorporation.com
No Offer or Invitation and Selling Restrictions
This announcement does not constitute or form part of, and
should not be construed as, an offer or invitation to sell any
securities, or the solicitation of an offer to subscribe for or
purchase any securities, and nothing contained herein shall form
the basis of or be relied on in connection with any contract,
investment or commitment whatsoever.
This announcement is not intended for release, publication or
distribution to a person located or resident in any jurisdiction
where it is unlawful to release, distribute or publish this
document. The securities referred to herein have not been and will
not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an available exemption from registration.
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END
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March 18, 2021 05:00 ET (09:00 GMT)
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