Our 2024 financial results
Significant new business demonstrates strength of Rothesay’s de-risking capabilities.
In total, Rothesay generated new business premiums of £15.7bn in 2024. Transactions included insuring £9.6bn of liabilities with NatWest Group Pension Fund, the acquisition of Scottish Widows’ bulk annuity portfolio from Lloyds Banking Group and pension risk transfers with four other pension schemes.
Rothesay’s assets under management increased to £70.7bn and the Group now secures the pensions of over one million people, making £3.8bn in annual payments to its policyholders.
Rothesay’s solvency position continues to be very strong, with a Solvency Capital Requirement coverage ratio of 261%. Surplus capital of £5.3bn means that the Group is well-placed for future growth.
Tom Pearce, Chief Executive Officer of Rothesay, said: “Rothesay achieved another strong year of growth, delivering significant volumes of new business. This positive momentum is testament to our proven execution capabilities, substantial capital resources and the support from our two long-term shareholders.
As we head into 2025, a busy and competitive pension risk transfer market is already generating an exciting pipeline of potential new business opportunities. We continue to innovate and invest across our business to enable us to complete the largest and most sophisticated transactions in our market while maintaining pricing discipline and our cautious approach to risk management. Rothesay is purpose-built to protect pensions and we are proud to secure the future for over one million policyholders and deliver on our commitment to provide the highest levels of customer service."