Pension Insurance Corporation PLC

17 September 2026

PENSION INSURANCE CORPORATION PLC

HALF YEAR 2026 RESULTS

London, 17 September 2026 - Pension Insurance Corporation plc¹ ('PIC'), the specialist insurer of UK defined benefit pension schemes, today releases its results for the six months to 30 June 2026.

Dom Veney, Interim Chief Executive Officer of PIC, said: "PIC had a good first half, focused on disciplined growth, strong client execution and maintaining the balance sheet strength which underpins long-term policyholder security. Our priority is to write business which meets our standards for value, risk and service, while continuing to support trustees and sponsors as they plan their journey to buyout.

"PIC has now paid almost £21 billion in pension payments to our policyholders, with a customer satisfaction rating of 99%. This is an amazing achievement which our team are rightly proud of and is only possible through teamwork with our clients and specialist partners and a relentless focus on excellent outcomes for clients and policyholders. We were particularly pleased to complete the buyout of all 36,000 members of the Rolls-Royce UK Pension Fund, just 11 months after signing the £4.3 billion full buy-in with the Trustee.

"The completion of Athora's acquisition of PIC at the end of March was the most significant ownership change in PIC's history. It gives us a single strategic owner, backed by permanent capital, and creates an opportunity to build further on the strengths that have made PIC successful over the last 20 years: our purpose, our customer service, our investment discipline and our people. I look forward to a busy and successful second half to the year."

Highlights as at 30 June 2026

Excellent customer service

-     Number of pensions insured stands at 432,900 (FY2025: 438,000)

-     Policyholder pension payments of £1.4 billion during the first half of 2026

o To date, PIC has paid almost £21 billion of pensions to our policyholders

-     Customer service satisfaction levels of 99.3%

-     Industry awards include the Institute of Customer Service Best Customer Focus (large enterprise), and Risk Management Firm of the Year - European Pensions awards 

-     PIC continues to hold Investors in People Gold, as well as Investors in People - Wellbeing accreditation

Robust balance sheet and low-risk portfolio

-     Solvency ratio of 263% (FY2025: 257%), with surplus of £4.6 billion (FY2025: £4.8 billion)

-     £54.4 billion in financial investments (FY2025: £54.8 billion), with insurance liabilities of £50.0 billion (FY2025: £52.1 billion)

-     PIC has £31.7 billion invested in the UK economy and has invested more than £15 billion to date in UK infrastructure, housing, and other projects

-     Average rating of the portfolio remained at A+

Stable new business flows, strong operating profit

-     PIC completed £0.3 billion of new business with six schemes during the period (HY2025: £1.1 billion), with a further £1.7 billion completed or in exclusivity by end-August

o Clients include the Associated Board of the Royal Schools of Music Pension Scheme, Royal Institute of British Architects 1974 Staff Pension Scheme, and Dr Martens Airwair Group Pension Plan.

-     PIC completed the buyout of all 36,000 members of the Rolls-Royce UK Pension Fund, just 11 months after signing a £4.3 billion full buy-in with the Trustee

-     Adjusted operating profit before tax² ("AOPBT") of £528 million (HY2025: £311 million)

- ends -

Notes to Editors:

1)   References to Pension Insurance Corporation plc ("PIC" or the "Group") refer to PIC and its consolidated subsidiaries, including Pension Services Corporation Ltd, the group service company

2)   The comparatives have been restated following the alignment of PIC's accounting policies with Athora. The current period results also reflect the impact of aligning estimation techniques with Athora.

For further information please contact:

PIC                                                     Jeremy Apfel               +44 207 105 2140

                                                            apfel@pensioncorporation.com

About PIC

The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. At half year 2026, PIC had fully secured the pensions of 432,900 people, and had a portfolio of £54.4 billion, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made total pension payments of almost £21 billion to its policyholders, with a 99% customer satisfaction rating. PIC has invested more than £15 billion in private investments to date including in UK housing and infrastructure, creating considerable social value. 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

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