The CIO Chair

04. Inside an Insurer’s Investment Engine: Rob Groves on Risk, Culture and Long-Term Returns

cio investment club Episode 4

In this episode of The CIO Chair, Sean Thompson and Hartej Singh are joined by Rob Groves, Chief Investment Officer of Pension Insurance Corporation (PIC), to discuss how insurers invest to secure defined benefit pensions over the long term. Rob shares his career journey from actuarial training through consulting and banking to leading investments at one of the UK’s largest pension insurers.

The conversation explores PIC’s investment philosophy, including Rob’s scepticism of rigid strategic asset allocation. Instead, he outlines a flexible, optionality-driven approach focused on finding the best risk-adjusted opportunities across public and private credit, while continuously optimising the portfolio with a long-term mindset.

Culture and leadership feature strongly and Rob shares what he looks for when building investment teams, why collaboration and curiosity matter more than ego, and the importance of trusting judgment during difficult investment decisions.

The episode also covers lessons from the 2022 LDI crisis, market uncertainty, investing in the UK economy, and the growing role of technology and AI. Rob closes by reflecting on the legacy he hopes to leave as CIO: strong teams, a resilient culture, and dependable outcomes for pensioners.

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