PENSION INSURANCE CORPORATION GROUP LIMITED
Operating as the UK insurance business of Athora Group, the company serves as the holding entity for Pension Insurance Corporation plc, a specialist insurer providing pension risk transfer solutions such as buy-ins and buyouts for defined benefit pension schemes.
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Cash
—
Latest balance sheet
Net assets
—
Equity attributable
Employees
—
Average over period
Profit before tax
£334M
-10% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
7 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
-
1 PSC ceased in last 24 months
Significant control changed hands — see the Ownership section.
Net assets
3-year trend · vs Financials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Gross written premiums | — | £8,064,000,000 | £6,752,000,000 | -16.3% | |
| Net earned premiums | — | — | — | — | |
| Claims incurred | — | £1,993,000,000 | £2,310,000,000 | +15.9% | |
| Investment return | — | -£1,166,000,000 | £2,789,000,000 | +339.2% | |
| Profit before tax | £303,000,000 | £371,000,000 | £334,000,000 | -10% | |
| Net profit | £239,000,000 | £284,000,000 | £256,000,000 | -9.9% | |
| Insurance contract liabilities | — | — | — | — | |
| Total assets | £78,538,000,000 | £83,276,000,000 | — | — | |
| Total liabilities | — | — | — | — | |
| Equity | £4,468,000,000 | £4,312,000,000 | — | — | |
| Average employees | 509 | 591 | — | — |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 9.2% | 8.3% | — | |
| Net margin | 10.9% | 11.9% | — | |
| Return on capital employed | 0.6% | 0.5% | — | |
| Gearing (liabilities / total assets) | 94.3% | 94.8% | — | |
| Current ratio | 0.06x | 0.06x | — | |
| Interest cover | 0.41x | 0.78x | — |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- PENSION INSURANCE CORPORATION GROUP LIMITED 2015-12-02 → present
- LOCKWARD LIMITED 2015-08-19 → 2015-12-02
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- KPMG LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The financial statements have been prepared on the going concern basis and the directors have concluded that the Group can reasonably make adequate resources to meet from the date of approval of these financial statements and do not consider there are any material uncertainties over the going concern status.”
Group structure
- PENSION INSURANCE CORPORATION GROUP LIMITED · parent
- Athora Holdings Limited 100%
- Pension Insurance Corporation plc 100%
- Pension Services Corporation Limited 100%
- PIC ERM 1 Limited 100%
- PIC Property GP Limited 100%
Significant events
- “On 3 July 2025, Athora Holding Ltd ("Athora") entered into an agreement to acquire PICG. Regulatory approval has been received and the transaction is expected to complete on or around 27 March 2026. Upon completion, Athora will acquire 100 per cent of the ordinary share capital of PICG.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
11 active · 26 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| GRIFFITHS, Martin | Secretary | 2024-12-16 | — | — |
| EDEN, Judith Elizabeth | Director | 2019-08-01 | Dec 1964 | British |
| GRAHAM, Tracey | Director | 2025-01-01 | Jul 1965 | British |
| HUMPHREYS, Alexander Wallace | Director | 2026-03-27 | Sep 1981 | British |
| MOSS, Andrew | Director | 2024-01-01 | May 1964 | British |
| MOURGUE D'ALGUE, Jerome | Director | 2018-11-20 | Oct 1970 | French |
| PATEL, Hiteshkumar Rameshchandra | Director | 2026-04-01 | Jan 1961 | British |
| PIKE, Martin St Clair | Director | 2025-07-01 | Sep 1961 | British |
| SOLASH, Todd Paul | Director | 2026-03-27 | Nov 1975 | American |
| VENEY, Dominic | Director | 2026-01-01 | Apr 1976 | British |
| WEYMOUTH, David Avery | Director | 2022-10-01 | May 1955 | British |
Show 26 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| INWARD, Louise Jane | Secretary | 2015-08-19 | 2024-12-16 |
| AISBITT, Jonathan Robert | Director | 2016-10-14 | 2022-10-01 |
| BEG, Mustafa Kamal | Director | 2015-12-08 | 2016-05-31 |
| BLACKWELL, Tracy Marie | Director | 2015-12-16 | 2025-12-31 |
| BLACKWELL, Tracy Marie | Director | 2015-11-17 | 2015-12-08 |
| BLAIR, Jake Anthony | Director | 2021-06-07 | 2026-03-27 |
| CROSBY, Ian Christopher | Director | 2015-12-08 | 2016-05-31 |
| EVES, Michael | Director | 2015-12-08 | 2018-12-31 |
| GALLICO, Timothy Huish | Director | 2020-08-01 | 2026-03-27 |
| GIERA, Edward Joseph | Director | 2015-12-08 | 2018-12-31 |
| GOH, Julia | Director | 2021-10-01 | 2026-03-27 |
| HANFORD, Tim John | Director | 2015-12-08 | 2018-10-18 |
| INWARD, Louise Jane | Director | 2015-08-19 | 2015-12-08 |
| KING, Stuart | Director | 2019-01-01 | 2026-03-27 |
| KITTS, Arno | Director | 2016-07-01 | 2025-06-30 |
| LI, Jing, Managing Director | Director | 2016-09-01 | 2018-12-31 |
| LYONS, Nicholas Stephen Leland | Director | 2016-05-24 | 2018-07-31 |
| MALHERBE, Josua | Director | 2015-12-08 | 2026-03-27 |
| MARSHALL, Roger Michael James | Director | 2017-04-01 | 2024-12-31 |
| MAUNSELL, Caroline Harriet | Director | 2016-02-04 | 2016-12-31 |
| MICHOTTE, Eloy Urbain Paul Ghislain | Director | 2015-12-08 | 2017-10-11 |
| RUTLAND, Peter William James | Director | 2017-05-05 | 2020-07-31 |
| STEPHEN, Thomas Mark | Director | 2016-05-24 | 2023-12-31 |
| TISSIER, Roger Alan | Director | 2015-12-08 | 2016-09-21 |
| VAN ZYL, Frederik Wilhelm | Director | 2017-10-12 | 2026-03-27 |
| WEINBERG, Mark Aubrey, Sir | Director | 2015-12-08 | 2016-10-14 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Athora Uk Holding Limited | Corporate entity | Shares 75–100%, Voting 75–100% | 2026-03-27 | Active |
| Reinet Investments S.C.A. | Corporate entity | Shares 25–50%, Voting 25–50% | 2016-04-06 | Ceased 2026-03-27 |
| James Christopher Flowers | Individual | Significant influence | 2016-04-06 | Ceased 2018-11-27 |
Filing timeline
Last 20 of 154 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-06-24 | AA | accounts | Accounts with accounts type group | |
| 2026-04-01 | AP01 | officers | Appoint person director company with name date | |
| 2026-03-27 | AP01 | officers | Appoint person director company with name date | |
| 2026-03-27 | AP01 | officers | Appoint person director company with name date | |
| 2026-03-27 | TM01 | officers | Termination director company with name termination date | |
| 2026-03-27 | TM01 | officers | Termination director company with name termination date | |
| 2026-03-27 | TM01 | officers | Termination director company with name termination date | |
| 2026-03-27 | TM01 | officers | Termination director company with name termination date | |
| 2026-03-27 | TM01 | officers | Termination director company with name termination date | |
| 2026-03-27 | TM01 | officers | Termination director company with name termination date | |
| 2026-03-27 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2026-03-27 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2026-01-09 | CH01 | officers | Change person director company with change date | |
| 2026-01-08 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-31 | TM01 | officers | Termination director company with name termination date | |
| 2025-07-17 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-07-02 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-04-24 | AA | accounts | Accounts with accounts type group | |
| 2025-01-07 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 18
- Capital events
- 0
- Officers appointed
- 5
- Officers resigned
- 7
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.