Specialist insurer Pension Corporation has been moving its £4bn portfolio out of higher-returning, higher-risk bonds in recent months as the economic outlook darkens, its founder Edmund Truell said today, as the company reported a strong set of results for 2010.

Pension Corporation, like most insurers, invests its money largely in fixed-income assets - cash, UK government bonds and the safer corporate bonds. But the company does invest in riskier forms of debt on occasion, and also has some small allocations to property and alternative assets, such as hedge funds or private equity funds.