37PB Pension Ins 24

TIDM37PB

RNS Number : 0876Y

Pension Insurance Corporation PLC

04 September 2020

PENSION INSURANCE CORPORATION GROUP

DRAWS DOWN SECOND TRANCHE OF CAPITAL

London, 4 September 2020 - Pension Insurance Corporation Group Limited(1) ("PICG"), the ultimate parent company of Pension Insurance Corporation plc ("PIC"), the specialist insurer of defined benefit pension schemes, today announces that it has drawn down the final GBP300 million tranche of the GBP750 million of new capital raised from existing shareholders, in line with the announcement in January 2020. The funds have been drawn down to support new business, given strong demand from trustees.

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Notes to Editors:

1) The Pension Insurance Corporation Group includes PICG, the group holding company; PIC, the group regulated insurer; and Pension Services Corporation Ltd, the group service company

For further information please contact:

PIC Jeremy Apfel +44 (0)20 7105 2140

apfel@pensioncorporation.com

Teneo Douglas Campbell +44 (0)20 3757 9247

douglas.campbell@teneo.com

About PIC

The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure and stable retirement incomes through leading customer service, comprehensive risk management and excellence in asset and liability management. At 31 December 2019, PIC had insured 225,000 pension scheme members and had GBP40.9 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of U.K. defined benefit pension schemes. 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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September 04, 2020 05:35 ET (09:35 GMT)

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