Company type | Public |
---|---|
LSE: PHNX FTSE 100 component | |
Industry | Insurance |
Founded | 1857 |
Headquarters | London, England, UK |
Area served | United Kingdom, Ireland, Germany |
Key people | Alastair Barbour (Chairman) Andy Briggs (Group Chief Executive) |
Revenue | £4,861 million (2023) [1] |
£278 million (2023) [1] | |
£(88) million (2023) [1] | |
Number of employees | 8,165 (2022) [1] |
Website | www |
Phoenix Group Holdings plc (formerly Pearl Group plc) is a provider of insurance services based in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
The company was founded in 1857 as The Pearl Loan Company and operated from the Royal Oak public house opposite the Whitechapel Bell Foundry. [2] It changed its name to The Pearl Assurance Company in 1914, [2] when it moved to 252 High Holborn where it was based until moving its head office to Peterborough in 1989. [3]
In 1990, it was acquired by the Australian insurance group, AMP, and in 2003, Pearl, NPI and London Life Association were demerged from AMP to become part of Henderson Group. [4]
In 2005, the Pearl Group was bought from Henderson Group by Sun Capital Partners (a business in which Hugh Osmond is a leading partner) [5] and TDR Capital. [4] It acquired Resolution Life (including its Phoenix Assurance operations) in 2008. [6] In 2009, the business was acquired by the Liberty Acquisition Holdings (International) Company (a vehicle controlled by billionaire Nicolas Berggruen), which subsequently renamed itself Pearl Group. [7]
In 2010, Pearl Group rebranded as Phoenix Group Holdings. [8] In March 2014, the business sold Ignis Asset Management to Standard Life Investments, the asset management arm of Standard Life. [9]
In 2018, Phoenix Group agreed to acquire Standard Life Assurance from Standard Life Aberdeen for £2.9 billion. As part of the transaction Standard Life Aberdeen retained a stake in the combined group. [10]
In 2020, Phoenix completed the acquisition of fellow closed book specialist ReAssure Group from Swiss Re. [11]
In 2021, it was announced that Phoenix had acquired the rights to the Standard Life brand and had undertaken additional steps to simplify the relationship with Standard Life Aberdeen that had developed since the acquisition of the Standard Life business three years previously. [12]
Phoenix Group comprises a number of regulated life companies in the UK: [13]
plus other unregulated businesses:
Swiss Re Ltd is a Swiss reinsurance company founded in 1863 and headquartered in Zürich, Switzerland. It is one of the world's largest reinsurers, as measured by gross premiums written. Swiss Re operates through around 80 offices in 29 countries and employs over 14,000 people. It was ranked 519th on the Forbes Global 2000 list and ranked 316th on the Fortune Global 500 in 2023. Swiss Re is listed on the SIX Swiss Exchange.
Aviva plc is a British multinational insurance company headquartered in London, England. It has about 18 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider. Aviva is also the second largest general insurer in Canada.
Prudential plc is a British multinational insurance company headquartered in London, England. It was founded in London in May 1848 to provide loans to professional and working people.
AMP is a financial services company in Australia and New Zealand providing superannuation and investment products, financial advice, and banking products including home loans and savings accounts. Its headquarters is in Sydney, Australia.
Axa S.A. is a French multinational insurance company headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services as part of its subsidiaries. As of 2023, it is the largest financial services company by revenue in France, and the 4th largest French company.
Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.
Old Mutual Limited is a pan-African investment, savings, insurance, and banking group. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchange and the Botswana Stock Exchange. It was founded in South Africa by John Fairbairn in 1845 and was demutualised and listed on the London Stock Exchange and other stock exchanges in 1999. It introduced a new strategy, called 'managed separation', that entailed the separation of its four businesses – Old Mutual Emerging Markets, Nedbank, UK-based Old Mutual Wealth and Boston-based Old Mutual Asset Management (OMAM) – into standalone entities in 2018. This led to the demerger of Quilter plc and the unbundling of its shareholding in Nedbank. The business, which is now largely based in South Africa, provides sponsorship and supports bursaries at South African universities.
Great-West Lifeco Inc. is a Canadian insurance-centered financial holding company that operates in North America, Europe and Asia through five wholly owned, regionally focused subsidiaries. Many of the companies it has indirect control over are part of its largest subsidiary, The Canada Life Assurance Company; the others are managed by Great-West Lifeco U.S. LLC, a U.S. based subsidiary. Great-West Lifeco is indirectly controlled by Montreal billionaire Paul Desmarais Jr. through his stake in the Power Corporation of Canada, which owns 72% of Great-West Lifeco. The hyphen in the company's name was originally a typesetter's error.
Standard Life is a life assurance, pensions and long-terms savings company in the UK which is owned by Phoenix Group.
Resolution plc was a UK insurance company headquartered in the City of London. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by the Pearl Group in May 2008.
MLC was an Australian business that provides investments, insurance and superannuation solutions to corporate, institutional, and retail customers. Due to divestments in the early 21st century, there are now two businesses, with no ownership links, that both use "MLC" in their branding:
interactive investor is a subscription-based online investment service in the United Kingdom, founded in 1995. It provides financial information, as well as investment tools. It is the UK's biggest flat-fee investment platform, with £59 billion of assets under administration and over 400,000 customers. The company is based in Manchester, with offices in London and Leeds. Since 2022 it has been a subsidiary of UK-based investment company Abrdn.
Sanlam is a South African financial services group headquartered in Bellville, Western Cape, South Africa. Sanlam is the largest insurance company in Africa. It is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and the A2X. Established in 1918 as a life insurance company, Sanlam Group has developed into a diversified financial services business. Its five business clusters comprise Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate and Santam.
Ignis Asset Management was an asset management company with head offices in Glasgow and London. In July 2014, Standard Life Investments (Holdings) Limited acquired Ignis, formerly Resolution Asset Management, for £390m.
The Royal London Mutual Insurance Society Limited, along with its subsidiaries, is the largest mutual insurer in the United Kingdom, with Group funds under management of over £150 billion. Group businesses provide around nine million policies and employ 4046 people, as of June 2019.
Irish Life Assurance plc, commonly known as Irish Life, is an Irish life assurance and pensions company. Irish Life has been part of the Great-West Lifeco group of companies since 2013, when the Irish Government sold the business. Prior to 2012, Irish Life was part of Permanent TSB.
SunLife Ltd is a UK-based financial services company. Founded in 1810, the company is best known for its range of services for people aged 50 and over.
RL360 Insurance Company Limited (RL360°) is an international offshore savings, protection and investment provider, headquartered in the Isle of Man serving clients in Asia, Africa, the Middle East, Europe, the UK and Latin America. It is part of the International Financial Group Limited ("IFGL").
Clive Bannister is the chair of the Museum of London, chair of Rathbones and chair of Beazley. He was formerly an insurance executive and banker.
Abrdn plc, formerly Standard Life Aberdeen plc, is a United Kingdom-based global investment company headquartered in Edinburgh, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
{{cite news}}
: CS1 maint: multiple names: authors list (link)