PENSION INSURANCE CORPORATION GROUP LIMITED
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Next accounts due
2026-09-30 (in 4mo)
Last filed for 2024-12-31
Confirmation statement due
2026-07-13 (in 2mo)
Last made up 2025-06-29
Watchouts
Cash
£631M
+102.2% vs 2023
Net assets
£4B
-3.5% vs 2023
Employees
591
+16.1% vs 2023
Profit before tax
£371M
+22.4% vs 2023
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
8 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
2-year trend · vs Financials median
Accounts
2-year trend · latest reflected 2024-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Turnover | £2,187,000,000 | £2,382,000,000 | |
| Operating profit | £202,000,000 | £197,000,000 | |
| Profit before tax | £303,000,000 | £371,000,000 | |
| Net profit | £239,000,000 | £284,000,000 | |
| Cash | £312,000,000 | £631,000,000 | |
| Total assets less current liabilities | £35,307,000,000 | £36,674,000,000 | |
| Net assets | £4,468,000,000 | £4,312,000,000 | |
| Equity | £4,468,000,000 | £4,312,000,000 | |
| Average employees | 509 | 591 | |
| Wages | £72,000,000 | £87,000,000 | |
| Directors' remuneration | £3,000,000 | £3,000,000 |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers
Year-on-year
FY2023 → FY2024 · period ending 2024-12-31 vs 2023-12-31
-
Turnover
+8.9%
£2,187,000,000 £2,382,000,000
-
Cash
+102.2%
£312,000,000 £631,000,000
-
Net assets
-3.5%
£4,468,000,000 £4,312,000,000
-
Employees
+16.1%
509 591
-
Operating profit
-2.5%
£202,000,000 £197,000,000
-
Profit before tax
+22.4%
£303,000,000 £371,000,000
-
Wages
+20.8%
£72,000,000 £87,000,000
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| 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
“We conclude that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.”
Group structure
- PENSION INSURANCE CORPORATION GROUP LIMITED · parent
- PIC Holdings Limited 100%
- Pension Insurance Corporation plc 100%
- Pension Services Corporation Limited 100%
- PIC ERM Limited 100%
- PIC Properties GP Limited 100%
- PIC Properties Limited Partnership 100%
- PIC New Vic Limited 100%
- PIC New Victoria Nominee Limited 100%
- PIC New Victoria Unit Trust 100%
- PIC LPO20999 100%
- PIC WIIterm GP Limited 100%
- PIC WIIterm Unit Trust 100%
- PIC WIIterm Limited Partnership 100%
- PIC Arbour GP Limited 100%
- PIC Arbour Nominee Limited 100%
- PIC Arbour Unit Trust 100%
- PIC Arbour Limited Partnership 100%
- PIC One Eastside GP Limited 100%
- PIC One Eastside Nominee Limited 100%
- PIC One Eastside Unit Trust 100%
- PIC One Eastside Limited Partnership 100%
- PIC Real Estate GP Limited 100%
- PIC Real Estate (First St) Limited 100%
- PIC Real Estate (Ruskin Square) LLP 100%
- PIC Real Estate (Cedor) GP Limited 100%
- PIC Real Estate (Cedor) LLP 100%
- PIC LS2 Holding LLP 100%
- PIC LSQ Buildco 1 LLP 100%
- PIC SQP LLP 100%
Significant events
- “In July 2024, the Group concluded a second buy-in with the TotalEnergies Trustee covering £2.3 billion of liabilities.”
- “In November, we formed a £5 million joint venture with Legal & General Affordable Homes for the Remarkable development.”
- “The Board approved the appointment of a critical supplier for the Investment Platform Programme (IPP) on 29 July 2024.”
- “The Board approved the final dividend for the year ended 31 December 2023 of 11.0 pence per share on 22 May 2024.”
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 153 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 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 | |
| 2024-12-31 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 17
- Capital events
- 0
- Officers appointed
- 5
- Officers resigned
- 8
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.