37PB Pension Ins 24

TIDM37PB

RNS Number : 9249C

Pension Insurance Corporation PLC

13 February 2020

PENSION INSURANCE CORPORATION GROUP

COMPLETES GBP750 MILLION CAPITAL RAISE

London, 13 February 2020 - Pension Insurance Corporation Group Limited(1) ("PICG" or the "Company"), the ultimate parent company of Pension Insurance Corporation plc ("PIC"), the specialist insurer of defined benefit pension schemes, today announces the completion of its previously announced capital raise. PICG's existing shareholders will invest GBP750 million of new capital to support the continued development and growth of PIC in the pension risk transfer market.

Reinet Fund S.C.A., F.I.S. ("Reinet"), a specialised investment fund incorporated in Luxembourg, and the Group's largest shareholder, will invest GBP437.8 million and have a 46.4% stake in the Group. Luxinva, a wholly owned subsidiary of Abu Dhabi Investment Authority ("ADIA"), will invest GBP171.6 million and have an 18.2% shareholding. CVC Strategic Opportunities I will invest GBP130.6 million and have a 17.4% shareholding. 60% of the total funds invested will be available to PICG immediately, with the remaining 40% callable upon request before 26 January 2021.

Tracy Blackwell, Chief Executive Officer of PIC, said: "The money we have just raised from our long-term, supportive shareholders will allow us to help increased numbers of defined benefit pension scheme trustees move their risks to a specialist insurer, guaranteeing their members' benefits for life. The Company is financially strong, has a reputation for excellent customer service, and is operating in a huge growth market. This significant investment by our existing shareholders is a vote of confidence in our growth plans."

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Notes to Editors:

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

   2)   Reinet first invested in the Company in 2012 and has now invested GBP983 million in total 
   3)   CVC Strategic Opportunities I originally invested in PICG in 2017 

4) Luxinva, the wholly owned subsidiary of ADIA, reached an agreement to acquire 17.1% of the Group from funds advised by J.C. Flowers & Co. in June 2018

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

No Offer or Invitation and Selling Restrictions

This announcement does not constitute or form part of, and should not be construed as, an offer or invitation to sell any securities, or the solicitation of an offer to subscribe for or purchase any securities, and nothing contained herein shall form the basis of or be relied on in connection with any contract, investment or commitment whatsoever.

This announcement is not intended for release, publication or distribution to a person located or resident in any jurisdiction where it is unlawful to release, distribute or publish this document. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an available exemption from registration.

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February 13, 2020 07:30 ET (12:30 GMT)

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