Pension Insurance Corporation (PIC) has reported an adjusted operating profit before tax of £528m in the six months to 30 June 2026, compared with £311m during the same period in 2025.
PIC also reported a solvency ratio of 263%, with a surplus of £4.6bn, and its financial investments stood at £54.4bn as of 30 June 2026
One of the key developments during the period was the completion of the buyout of the Rolls-Royce UK Pension Fund. The transaction covers all 36,000 members of the scheme and follows a £4.3bn full buy-in completed 11 months earlier.
By the end of August 2026, PIC had £1.7bn of business completed or in exclusivity, indicating continued activity beyond the reporting period.
Dom Veney, interim CEO 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.
“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.”
