This week Phoenix has entered the Fortune™ Global 500 for the first time, reflecting the considerable success of its growth strategy. This annual listing of the world’s largest companies ranked by total revenues has been running for over 60 years.

Commenting, Group CEO Andy Briggs says:

“Our inclusion in this year’s Fortune™ Global 500 reflects the growth journey that we are on, along with the talent and commitment of my colleagues in delivering our strategy, supporting our customers and growing our Open book.

“2019 was a strong year for Phoenix, where we exceeded our cash generation targets and announced the acquisition of ReAssure. We have continued on our trajectory in 2020, with strong results in the first six months, delivering cash, resilience and growth to support the payment of our dividend.

“In July this year we completed the acquisition of ReAssure to become the UK’s largest long-term savings and retirement business. We are now recognised as one of the world’s largest companies.

“During this challenging period of the pandemic, protecting our customers, colleagues and the communities in which we operate has been our priority, while maintaining long term value for the Group. Our scale and position makes focussing on our core social purpose even more important to us, and we continue to place sustainability firmly at the centre of how we run our business and how we invest a third of a trillion of pounds on behalf of our 14 million customers.”

-Ends-

Enquiries

Rachel Esland
PR and Public Affairs Manager
Phoenix Group
07892 705093
Rachel.esland@thephoenixgroup.com

Notes to editors

About Phoenix Group

Phoenix has become the UK’s largest long-term savings and retirement business following the completion of the ReAssure acquisition and is also the largest consolidator of closed life and pension funds in Europe.

Phoenix has businesses in the UK, Germany and Ireland, split across three key business segments: UK Heritage, UK Open and Europe.

The Group specialises in the acquisition and management of closed life insurance and pension funds (its Heritage business). Phoenix is a leader in the safe and efficient management of UK Heritage business. The Heritage segment comprises products that are no longer actively marketed to customers and has been built through the consolidation of over 100 legacy insurance brands.

In addition, Phoenix’s Open business manufactures and underwrites long-term savings and retirement products to support people saving for their future. These products are actively marketed to new and existing customers, primarily under the Standard Life brand. This segment is underpinned by a strategic partnership with Standard Life Aberdeen following the Phoenix Group’s acquisition of Standard Life Assurance Limited in 2018. Standard Life Assurance is a long-established expert in workplace pensions, personal pensions, long term savings and retirement solutions, and its customers and clients include individual savers and some of the largest employers in the UK, as well as professional advisers. Our Open business includes our growing BPA business. Phoenix Group also has a market leading brand - SunLife - which sells a range of financial products specifically for the over 50s market.

Our European business spans a range of both Open and Heritage products across three segments: Ireland, Germany and the International Bond in the UK. Our focus is on protecting our existing assets, optimising sales and driving efficiencies, which enables us to maximise value in these businesses and provides a platform for potential future consolidation in Europe.

Phoenix Group is a member of the FTSE 100 index, and has circa 14 million policies and over £300 billion of assets under administration.