...Improved Company Profile: Fitch Ratings' view of Pension Insurance Corporation PLC's (PIC) company profile reflects its improved operating scale and strong competitive positioning in the UK bulk annuity market, where PIC is one of the leaders with total financial investments of GBP48 billion at end-1H24 (end-2023: GBP47 billion). These are partly offset by the insurer's limited geographical and product diversification due to its focus on the UK bulk annuity market. In 2023, PIC generated very strong new business volumes of GBP6.9 billion, up from GBP4.1 billion in 2022, supported by the completion of the UK's largest pension risk transfer transaction (GBP6.2 billion) with the trustees of schemes sponsored by RSA Group. New business in 1H24 was GBP3.0 billion. Fitch expects strong volumes over the medium term, supported by resilient demand from corporates to offload their pension liabilities. Very Strong Capitalisation: PIC's Prism Global model was an unchanged `Extremely Strong' at end-2023....
