Phoenix Group

The Phoenix Group (formerly Pearl Group, LSE: PHNX) 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 100 Index.

Phoenix Group Holdings
Public
Traded asLSE: PHNX
ISINKYG7091M1096 
IndustryInsurance
Founded1857
HeadquartersLondon, England, UK
Key people
Revenue£4,182 million (2019)[1]
£513 million (2019)[1]
£116 million (2019)[1]
Websitewww.thephoenixgroup.com

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 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 (incorporating the Scottish Mutual and Scottish Provident businesses) and Phoenix Life Assurance (prior to 2012, known as Pearl Assurance)
  • Phoenix Ireland
  • AXA Wealth
  • Abbey Life

Distribution:

  • SunLife

See also

References
  1. "Annual Report 2019" (PDF). Phoenix Group. Retrieved 9 March 2020.
  2. Winder, Robert (2014). Bloody Foreigners: The Story of Immigration to Britain. Hachette Digital. ISBN 978-0748123964.
  3. Historic England. "Pearl Assurance Company (1378890)". National Heritage List for England. Retrieved 13 February 2017.
  4. "AMP wins as UK spinoff sells life funds for $2.6bn". Sydney Morning Herald. 11 December 2004. Retrieved 28 February 2020.
  5. "Rising of Sun is new dawn for Osmond". Daily Telegraph. 27 January 2002. Retrieved 28 February 2020.
  6. "Resolution board says yes to £5bn Pearl bid". The Guardian. 17 November 2007. Retrieved 28 February 2020.
  7. "Bondholders threaten to veto Pearl flotation". The Times. 1 July 2009. Retrieved 28 February 2020.
  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. 26 March 2014. Retrieved 28 February 2020.
  10. "Our companies". Phoenix Group. Retrieved 22 April 2017.
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