Pension Insurance Corporation plc Corporate Profile
Executive Summary
Pension Insurance Corporation plc (company number 05706720) is a major UK-regulated life insurer specialising in pension risk transfer (PRT) solutions, including buy-ins and buyouts for defined benefit occupational pension schemes. In 2024, the entity generated £8,064,000,000 in turnover (gross premiums written) across 25 transactions, achieving an IFRS profit before tax of £370,000,000 and expanding total financial investments to £50,932,000,000. The company strengthened its capital position with a Solvency II ratio of 236% and net assets of £4,302,000,000, maintaining a low-risk investment profile where over 99% of debt securities hold investment-grade ratings.
What the Numbers Show: Financial Performance and Balance Sheet Dynamics
The financial profile of Pension Insurance Corporation plc reflects the capital-intensive nature of long-term annuity business. Under IFRS 17 accounting rules, revenue recognition and asset-liability matching dictate key profitability trends. Turnover reached £8,064,000,000 in 2024, driven by record new business volumes in the UK pension risk transfer market.
Profit before tax increased from £303,000,000 in 2023 to £370,000,000 in 2024, yielding a profit after tax of £286,000,000 after a tax expense of £84,000,000. Finance income stood at £4,608,000,000, counterbalancing administrative expenses of £201,000,000, employee costs of £103,000,000, and finance costs of £121,000,000. The company declared £613,000,000 in total dividends during 2024 (including £306,000,000 in special dividends), with £400,000,000 actually paid to its immediate parent company, PIC Holdings Limited.
Five-Year Financial Overview & Key Metrics
| Financial Metric | FY2024 | FY2023 | Source / Notes |
| :--- | :--- | :--- | :--- |
| Turnover (Gross Premiums Written) | £8,064,000,000 | £6,949,000,000 | Audited Strategic Report |
| Profit Before Tax (IFRS) | £370,000,000 | £303,000,000 | Audited Financial Statements |
| Profit After Tax | £286,000,000 | Not on record in extract | Statutory Filings |
| Financial Investments | £50,932,000,000 | £46,800,000,000 | >99% Investment Grade |
| Total Assets | £79,801,000,000 | Not on record in extract | Solvency & Balance Sheet |
| Net Assets | £4,302,000,000 | Not on record in extract | Equity Balance |
| Solvency Ratio | 236% | 211% | Capital Adequacy Metric |
| Cash at Bank | £616,000,000 | Not on record in extract | Liquid Cash Position |
| Policyholder Satisfaction | 99.3% | 99.3% | Internal KPI |
| Employee Count | Not on record | Not on record | Filings show £103m employee costs |
The balance sheet displays high liquidity, with £616,000,000 held in cash at bank and trade debtors of £42,000,000 alongside other debtors of £42,000,000. Operating liabilities include other creditors of £124,000,000 and accruals of £44,000,000. The financial asset base includes £13,800,000,000 invested directly in UK infrastructure, social housing, renewable energy, and higher education. Independent credit rating agency Fitch affirmed the company's Financial Strength rating at A+.
Directors and Governance Structure
Ownership of Pension Insurance Corporation plc is concentrated under a single immediate parent. The public register records Pic Holdings Limited (company number 05706555) as a Person with Significant Control (PSC) holding 75% to 100% of the voting rights and share capital since 6 April 2016. The ultimate controlling entity is Pension Insurance Corporation Group Limited (PICG).
Board composition combines executive leaders, independent non-executive directors (INEDs), and nominee directors representing major institutional shareholders of the group. The governance framework applies principles aligned with the Financial Reporting Council's UK Corporate Governance Code.
Current Board and Officer Disclosures
According to Companies House filings, the officers on record include:
- Mr David Avery Weymouth: Independent Non-Executive Director and Chair of the Board, appointed 1 October 2022.
- Mr Dominic Veney: Executive Director and Chief Financial Officer, appointed 10 December 2021.
- Ms Judith Elizabeth Eden: Independent Non-Executive Director, appointed 1 August 2019.
- Mr Andrew Moss: Independent Non-Executive Director, appointed 1 September 2023.
- Mr Jerome Mourgue D'Algue: Non-Executive Director, appointed 20 November 2018.
- Ms Tracey Graham: Independent Non-Executive Director, appointed 1 January 2025.
- Mr Martin St Clair Pike: Independent Non-Executive Director, appointed 1 January 2025.
- Mr Alexander Wallace Humphreys: Non-Executive Director, appointed 27 March 2026.
- Mr Todd Paul Solash: Non-Executive Director, appointed 27 March 2026.
- Mr Hiteshkumar Rameshchandra Patel: Non-Executive Director, appointed 1 April 2026.
- Mr Martin Griffiths: Company Secretary, appointed 16 December 2024.
Recent Board Resignations
- Ms Tracy Marie Blackwell: Executive Director and Chief Executive Officer, appointed 7 July 2011, resigned 31 December 2025.
- Mr Roger Michael James Marshall: Senior Independent Director, appointed 1 September 2015, resigned 31 December 2024.
- Mr Arno Kitts: Independent Non-Executive Director, appointed 1 July 2016, resigned 30 June 2025.
- Mr Jake Anthony Blair: Non-Executive Director, appointed 7 June 2021, resigned 27 March 2026.
- Ms Sally Bridgeland: Independent Non-Executive Director, appointed 28 January 2021, resigned 27 March 2026.
- Ms Julia Goh: Independent Non-Executive Director, appointed 1 October 2021, resigned 27 March 2026.
- Mr Stuart Howard King: Independent Non-Executive Director, appointed 1 January 2019, resigned 27 March 2026.
- Ms Louise Inward: Company Secretary, appointed 23 September 2015, resigned 16 December 2024.
Audit oversight is conducted by KPMG LLP, re-appointed at the AGM on 30 March 2024. Audit materiality for the entity was set at £67,300,000 (1.6% of Net Assets). KPMG highlighted two Key Audit Matters: the valuation of insurance contract liabilities (comprising 56% of total liabilities under IFRS 17) and the valuation of unquoted private investments (4.4% of total assets).
Statutory Filings, Debt Capital, and Asset Security
Pension Insurance Corporation plc funds its capital base through regulatory equity and subordinated debt instruments traded on international exchanges. At year-end 2024, the company maintained £450,000,000 in Restricted Tier 1 (RT1) notes (accounted for as equity under IFRS) and £2,076,000,000 in Tier 2 subordinated debt.
In May 2024, the company issued £500,000,000 of Tier 2 subordinated notes carrying a 6.875% coupon while repurchasing £193,500,000 of legacy debt issued in 2014 and 2016. A remaining 2014 debt issue matured and was settled in July 2024. These debt arrangements are registered with Companies House and fall under regulatory scrutiny from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
Institutional lenders and corporate counterparties conducting counterparty reviews should complete a formal company charge check to inspect fixed and floating security interests registered against corporate assets.
Risk Indicators and Operational Exposure
The Strategic Report outlines specific risk exposures relevant to credit officers, counterparties, and scheme trustees. The primary operational and financial risks documented in statutory filings include:
1. Longevity Risk: Life expectancy gains exceeding actuarial projections directly increase annuity payout obligations. The company mitigates this exposure through balance sheet capital buffers and external reinsurance structures.
2. Financial Market & Interest Rate Volatility: Extended high-interest-rate environments and credit spread fluctuations alter asset-liability matching dynamics. Higher interest rates expand discount rates for fulfillment cash flows but increase credit risk on backing assets.
3. Counterparty Default Risk: Reinsurance and derivative counterparty defaults represent potential capital drains. The company enforces daily collateral management and exposure limits to protect capital integrity.
4. Private Asset Valuation Uncertainty: Private debt and infrastructure investments (4.4% of total assets) rely on internal valuation models and credit rating assessments, creating estimation sensitivity.
5. Regulatory Reforms: Solvency UK transition rules, PRA stress testing, and FCA Consumer Duty requirements necessitate continuous compliance adaptations.
Counterparty Due Diligence Framework
Corporate advisers and legal teams evaluating regulated financial institutions must execute structured verification protocols prior to executing transactions, institutional loans, or pension risk transfers.
[1. Registry Search] ----> [2. Insolvency Search] ----> [3. Debt & Charge Review] ----> [4. Regulatory Checks]
Verify Active Status Run Winding Up Search Examine Secured Debt Confirm FCA/PRA Status
& PSC Ownership & Gazette Notices Tier 1 & Tier 2 Notes & Solvency II Ratio
Step-by-Step Counterparty Audit Protocol
1. Verify Legal Status and PSC Chain: Check the Companies House register to confirm active corporate status and confirm ultimate ownership via Pic Holdings Limited.
2. Perform Statutory Gazette & Petition Searches: Execute a formal winding up search to ensure no pending petitions, court orders, or winding up notices exist against the corporate entity.
3. Review Secured Charges and Debt Instruments: Check public register filings for fixed or floating debentures, evaluating the £2.076 billion Tier 2 bond obligations and RT1 debt structures.
4. Assess Regulatory Solvency Metrics: Confirm capital adequacy ratios against PRA requirements. Pension Insurance Corporation plc reported a Solvency II ratio of 236% at year-end 2024.
5. Examine Board Continuity: Track officer appointments and resignations to verify governance stability, noting recent board transitions across 2024-2026.
Realistic Due Diligence Scenario
Consider a corporate sponsor arranging an £800 million bulk purchase annuity transfer for a defined benefit pension scheme. Prior to transferring scheme assets, the scheme trustees' legal advisers must verify that the insurer maintains valid regulatory permissions and clear insolvency records.
A comprehensive winding up search on The Gazette and High Court cause lists confirms the absence of adverse winding up petitions. Concurrently, a financial analysis verifies that the insurer's Solvency II capital coverage (236%) significantly exceeds statutory minima, allowing the transaction to proceed defensively.
Manual Verification vs Corp Intel Automated Tracking
Performing counterparty verification manually requires searching multiple disparate public databases:
- Manual Verification Process: A practitioner must independently query the Companies House public register for filed accounts (AA02 / IFRS filings), check the FCA Financial Services Register for permissions, search The Gazette for insolvency notices under the Insolvency Act 1986, manually cross-reference High Court cause lists, and inspect charge registers for registered mortgages or debentures.
- Corp Intel Advantage: Corp Intel consolidates corporate filings, live court cause lists, registered charge records, and regulatory metadata into a single, structured interface. Subscribers can enable free company monitoring to receive immediate email alerts regarding director appointments, share structure alterations, or statutory filings.
For Conveyancers, Lawyers and Lenders
Legal practitioners, institutional lenders, and pension scheme trustees carry a professional obligation to verify counterparty solvency prior to completion of substantial corporate transactions. Missing an active winding up petition or undisclosed floating charge can lead to void transactions under s.127 of the Insolvency Act 1986 or loss of priority status. Incorporating a mandatory winding up petition search into standard pre-completion protocols mitigates transactional risk and satisfies compliance guidelines.
Frequently Asked Questions
What is the primary business activity of Pension Insurance Corporation plc?
Pension Insurance Corporation plc provides pension risk transfer contracts-specifically buy-ins and buyouts-to UK defined benefit occupational pension schemes, assuming financial responsibility for policyholder pension payouts.
Who owns Pension Insurance Corporation plc?
The entire voting share capital of Pension Insurance Corporation plc is held by its immediate parent, Pic Holdings Limited (company number 05706555). The ultimate group parent entity is Pension Insurance Corporation Group Limited.
What is the current solvency position of the company?
At year-end 2024, Pension Insurance Corporation plc reported a Solvency II ratio of 236%, up from 211% in 2023, reflecting Equity Own Funds of £5,800,000,000 after dividend distributions.
How does a professional execute a winding up search on this entity?
A solicitor or risk officer can perform a live winding up search via Corp Intel to check High Court court cause lists and statutory Gazette notices for insolvency petitions or petition orders.
What auditor oversees the company's financial statements?
KPMG LLP serves as the independent statutory auditor for Pension Insurance Corporation plc. The auditor issued an unqualified opinion for the 2024 financial year, identifying key audit matters related to insurance liability valuation and unquoted private investment pricing.
How can credit teams track ongoing changes to this entity?
Credit management teams can set up free company monitoring to receive real-time email notifications whenever Pension Insurance Corporation plc files new accounts, registers debt instruments, or updates board director appointments.