Phoenix Group Holdings has today been informed by the Financial Conduct Authority that it has closed its investigation into Abbey Life Assurance Limited following the thematic review into the fair treatment of long standing customers in the life insurance sector, having found that the conduct of Abbey Life Assurance Limited did not warrant enforcement action.

CEO of Phoenix, Clive Bannister said "We have worked closely with the FCA throughout their investigation to put solutions in place to resolve many of the historical issues in the Abbey Life book. The conclusion of this investigation demonstrates our commitment to improving customer outcomes. We believe that Phoenix is the natural home for legacy life insurance policies."

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Enquiries

Claire Hawkins
Head of Investor Relations
Phoenix Group
+44 (0)20 3735 0575
claire.hawkins@thephoenixgroup.com

Shellie Wells
Head of Corporate Communications
Phoenix Group
+44 (0)20 3735 0922
shellie.wells@thephoenixgroup.com

Andy Donald/ Vikki Kosmalska Maitland +44 (0)20 7379 5151 Notes to editors Phoenix Group is a European life consolidator, specialising in the acquisition and management of closed life insurance and pension funds – known as heritage books. Phoenix is the largest consolidator of heritage life insurance books in Europe but also runs an open book underpinned by a strategic partnership with Standard Life Aberdeen. The Group is a member of the FTSE 250 index, and has over 10.4 million policyholders and £240 billion of assets under management – including the recently acquired Standard Life Assurance business. With operations in the United Kingdom, Ireland and Germany, the Group has five operating life companies which hold policyholder assets, and a distribution business, SunLife Limited