Phoenix Group
| File:Phoenix Group Company Logo.png | |
| Company type | Public |
|---|---|
| LSE: PHNX | |
| Industry | Insurance |
| Founded | 1857 |
| Headquarters | London, UK |
Key people | Sir Howard Davies, Chairman [1] Clive Bannister, CEO |
| Revenue | £692 million (2015)[2] |
| £288 million (2015)[2] | |
| £249 million (2015)[2] | |
| Website | www.thephoenixgroup.com |
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 was formerly traded on Euronext Amsterdam.
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.[3] It changed its name to The Pearl Assurance Company in 1914.[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 business was bought from Henderson Group by Sun Capital Partners (a business in which Hugh Osmond is a leading partner)[5] and TDR Capital.[4] Then, in 2008, Pearl acquired Resolution plc (including its Phoenix Assurance business).[6]
In June 2009, the business was acquired by the Liberty Acquisition Holdings (International) Company (a vehicle controlled by billionaire Nicolas Berggruen) which subsequently changed its name to Pearl Group.[7]
On 15 March 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
The Phoenix group's main business unit is Phoenix Life. Phoenix Life comprises four regulated life companies:
- Phoenix Life Limited; Phoenix Life Assurance Ltd. (prior to 28 September 2012, known as Pearl Assurance Limited)
- Phoenix Ireland - Phoenix Life Limited (Irish branch)
- NPI - National Provident Life Limited
- Scottish Mutual International Limited (Republic of Ireland)
References
- ^ Vivek Ahuja and Mark Cobley. "Sir Howard Davies takes the chair at Phoenix". efinancialnews.com. Retrieved 1 April 2015.
- ^ a b c "Annual Report 2015" (PDF). Phoenix Group. Retrieved 10 April 2016.
- ^ a b Pearl Group: History
- ^ a b AMP wins as UK spinoff sells life funds for $2.6bn Sydney Morning Herald, 11 December 2004
- ^ Rising of Sun is new dawn for Osmond Daily Telegraph, 27 January 2002
- ^ Resolution board says yes to £5bn Pearl bid Guardian, 17 November 2007
- ^ Bondholders holding £500m IOUs warn Pearl Flotation Dail Mail, 3 July 2009
- ^ Phoenix Group Holdings Group transition Phoenix Group Holdings Audited Results for the year ended 31 December 2009
- ^ "Standard Life Investments buys fund manager Ignis for £390m". BBC News. 2014-03-26. Retrieved 2016-10-11.
