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Pension Insurance Corporation sees benefits of bond issue as profits rise

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Pension Insurance Corporation (PIC) has posted pre-tax profit of £170m for the year to 31 December 2014, up from £114m in 2013.

The specialist insurer also reported new pension business premiums of £2.6bn across 19 transactions, with clients, including French oil group Total and manage­ment consultancy firm Aon Hewitt.

PIC raised £300m through a bond issuance last July, with the stated aim of promoting growth in the business, as well as increasing the overall level of security for policyholders.

Tracy Blackwell, who is to take over as chief executive of the company when current boss John Coomber leaves in June, said 2014 had been a record year for the pensions sector.

“Our business is built on the solid foundations of financial strength, an excellent track record, a reputation for exceptional customer service and strong values,” Blackwell added.

“Any incoming CEO might count themselves fortunate to have two or three of these attributes. Having all four gives me the best start possible to continue the development of this business.”