PPF shoots into £400m surplus

  Its turnaround in performance will be welcome news for the government which feared it may have to pump billions into the Lifeboat fund to keep it afloat. The swing into the black was because of market and investment performance, coupled with less costly claims during the year. It now puts the fund's balance sheet on track to achieve its funding target for 2030. The PPF earned a return of 15% on its invested assets during the year, while its investment portfolio grew from £2.9bn in 2008/09 to £4.4bn in 2009/10. PPF chief executive Alan Rubenstein (pictured) says: "The signif...