Pension Insurance Corporation (PIC) completed £1.1bn of new business with eight pension schemes during the first half of 2025, its latest financial results have revealed.

The company also announced a £4.3bn buy-in with the Rolls-Royce UK Pension Fund in August, covering benefits for 36,000 people. Including this transaction, PIC has completed £5.5bn of new business in the current year to end-August 2025.

PIC reported adjusted operating profit before tax of £314m for the six months ended 30 June, compared to £326m in the same period last year. The insurer paid an interim dividend of £160m.

The company maintained a solvency capital ratio of 236%, with a surplus of £4.6bn, which it described as significantly above its long-term target range.

The company has invested £14.6bn to date in UK housing, infrastructure, and other projects. One of its developments, the £200m build-to-rent One East Side in Birmingham, has topped out and is now the tallest tower in the city at 51 storeys.

The overall pension risk transfer market is expected to reach £40-45bn in 2025, according to the company’s statement.

“The continued growth of the pension risk transfer market will be driven by the desire of the trustees of UK defined benefit pension schemes to secure their members’ benefits for the long term,” PIC CEO, Tracy Blackwell, said.

“This growth will be supported by the capacity and capability of institutions like PIC to invest at scale in UK housing and infrastructure. PIC has developed deep expertise in both areas and will continue to be a leader in this market based on our simple purpose, paying the pensions of our current and future policyholders.”

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