Our 2023 financial results
Rothesay’s significant capital resources and execution capabilities deliver strong performance in a record pension risk transfer market.
The Group completed de-risking transactions with twelve pension schemes during 2023, resulting in new business premiums of £12.7bn, one of its strongest years of growth to date. In March 2024, Rothesay also announced that it had agreed to acquire Scottish Widows’ c.£6bn bulk annuity portfolio from Lloyds Banking Group.
Rothesay’s assets under management increased to £61.0bn with the Group now securing the pensions of over 934,000 people. Rothesay’s solvency position continues to be very strong, with a Solvency Capital Requirement coverage ratio of 273%.
Tom Pearce, Chief Executive Officer of Rothesay, said: “Rothesay performed very well in 2023, with the business delivering excellent financial results and one of the strongest years of growth in its history. Our substantial capital resources combined with our proven execution capabilities, meant we were able to complete some of the largest and most complex transactions in the market while maintaining our careful approach to risk management and pricing discipline.
I am delighted that we now secure the future for nearing a million UK pension policyholders, providing best-in-class and innovative solutions for our clients. Our long-standing approach of continuous investment across our business - from our purpose-built risk management systems to our culture of operational excellence – means we are very well-placed to continue to capitalise on the strong momentum in our market, protecting the future for our policyholders and delivering value for our two long-term shareholders.”