Pension Insurance Corporation (PIC) has revealed that it wrote £6.8bn of new business in 2025 in its latest annual results.
The figure, which included the £4.3bn Rolls-Royce buy-in, was down from the £8.1bn it wrote in 2024.
PIC, publishing its results covering the 2025 calendar year, also reported that its portfolio totalled £54.8bn, up from £50.9bn in 2024, with insurance contract liabilities, net of reinsurance, totalling £46.8bn – up from £42.3bn in 2024.
The insurer, which was bought for £5.7bn by Athora last year, also revealed that its exposure to the Middle East is currently less than 1% of its portfolio.
Interim CEO of PIC, Dom Veney, said that 2025 was “one of the most significant years in PIC’s 20-year history”, with the announcement of the company’s acquisition by Athora, as well as the departure of longstanding CEO, Tracy Blackwell.
“Following completion of the transaction on or around 27 March, 2026, PIC will be owned for the first time by a single strategic owner,” Veney said. “Athora has the capacity and resources to support PIC through the next phase of our growth, as we help increasing numbers of pension scheme trustees secure their members’ benefits for the long term.”
PIC, which earlier this month confirmed the appointment of Michael Eakins as its next CEO, announced that its adjusted operating pre-tax profit totalled £880m in the year, up marginally from £875m in 2024, while the group also paid out dividends totalling £520m.
The insurer also ended the year with a 257% Solvency ratio, which compared to 237% at the end of 2024.
“Despite macroeconomic challenges and market volatility we ended the year with a robust balance sheet,” added Veney.
“PIC is a major investor in the UK and during the year we were very pleased to be the largest debt funder for the very significant Haweswater Aqueduct Resilience Programme, which secures drinking water for millions of people in the North West. To date we have invested £15bn in privately sourced UK assets, including housing and infrastructure.”
