Phoenix Group

From Wikipedia, the free encyclopedia
Phoenix Group Holdings
Public
Traded as LSEPHNX
Industry Insurance
Founded 1857
Headquarters London, UK
Key people
Henry Staunton, Chairman
Clive Bannister, CEO
Revenue £7,445 million (2016)[1]
£52 million (2016)[1]
£(100) million (2016)[1]
Website www.thephoenixgroup.com

The Phoenix Group (formerly Pearl Group, LSEPHNX) is one of the largest providers of insurance services in the United Kingdom. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

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 1989.[3] In 1990, it was acquired by the Australian insurance group, AMP, and then in 2003, Pearl, NPI and London Life 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 in 2008 (including its Phoenix Assurance operations).[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 changed its name to 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]

Operations

Phoenix Group's head office at Juxon House in London

The Phoenix group's main business unit is Phoenix Life. Phoenix Life comprises four regulated life companies:[10]

  • Phoenix Life and Phoenix Life Assurance (prior to 2012, the latter was known as Pearl Assurance)
  • Phoenix Ireland
  • AXA Wealth
  • Abbey Life

Distribution:

  • SunLife

References

  1. ^ a b c "Annual Report 2016" (PDF). Phoenix Group. Retrieved 22 April 2017. 
  2. ^ a b Pearl Group: History
  3. ^ "Pearl Assurance Company". British Listed Buildings. Retrieved 13 February 2017. 
  4. ^ a b AMP wins as UK spinoff sells life funds for $2.6bn Sydney Morning Herald, 11 December 2004
  5. ^ Rising of Sun is new dawn for Osmond Daily Telegraph, 27 January 2002
  6. ^ Resolution board says yes to £5bn Pearl bid Guardian, 17 November 2007
  7. ^ Bondholders holding £500m IOUs warn Pearl Flotation Daily Mail, 3 July 2009
  8. ^ Phoenix Group Holdings Group transition Phoenix Group Holdings Audited Results for the year ended 31 December 2009
  9. ^ "Standard Life Investments buys fund manager Ignis for £390m". BBC News. 2014-03-26. Retrieved 2016-10-11. 
  10. ^ "Our companies". Phoenix Group. Retrieved 22 April 2017. 

External links

  • Official website
Retrieved from "https://en.wikipedia.org/w/index.php?title=Phoenix_Group&oldid=781190353"
This content was retrieved from Wikipedia : http://en.wikipedia.org/wiki/Phoenix_Group
This page is based on the copyrighted Wikipedia article "Phoenix Group"; it is used under the Creative Commons Attribution-ShareAlike 3.0 Unported License (CC-BY-SA). You may redistribute it, verbatim or modified, providing that you comply with the terms of the CC-BY-SA