Phoenix Group
| File:Phoenix Group Company Logo.png | |
| Company type | Public |
|---|---|
| LSE: PHNX | |
| 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, 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 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
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
- ^ a b c "Annual Report 2016" (PDF). Phoenix Group. Retrieved 22 April 2017.
- ^ a b Pearl Group: History
- ^ "Pearl Assurance Company". British Listed Buildings. Retrieved 13 February 2017.
- ^ 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 Daily 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.
- ^ "Our companies". Phoenix Group. Retrieved 22 April 2017.
