Phoenix hikes dividend as pensions deals bolster insurer’s business Phoenix Group Phoenix Group today upped its dividend after posting “record” financial results for the first half of 2022. The London insurer hiked its dividend by three per cent to heights of 24.8p a share after a series of pensions deals bolstered Phoenix’s revenues. The pensions deals, signed off in the first half of last year, saw [...]
WH Smith de-risks pensions scheme via Standard Life insurance policy Pensions WH Smith on Monday said it had taken out a bulk annuity insurance policy with Standard Life, through which the Phoenix Group subsidiary will cover the costs of the retailer’s £1bn pension scheme. The high-street bookseller’s insurance policy will see Standard Life pay the pensions of the almost 13,000 members of WH Smith’s defined [...]
Phoenix Group set to buy Sun Life UK in £248m cash deal Phoenix Group Pensions giant Phoenix Group is set to snap up life insurance firm Sun Life UK today in a cash deal worth £248m, the firm announced this morning.
Retirement group Phoenix enters £197m pensions deal with Irish Life July 13, 2021 Retirement group Phoenix is set to sell Ark Life Assurance Company to pensions group Irish Life for around £197m, the retirement group today. Ark Life Assurance Company, known as Ark Life, added around £1.8bn of assets under administration to Phoenix’s heritage division as of 31 December. The deal, which is expected to be completed by [...]
Phoenix confirms talks ‘ongoing’ to sell European business in £550m deal May 18, 2021 Life insurance consolidator Phoenix Group has confirmed it is in discussions to sell its European businesses, in a deal reportedly worth £550m. The group – which bought out the majority of Standard Life Aberdeen’s insurance business in 2018 – said that talks were ongoing and there was no certainty a deal will be struck. In [...]
FTSE 100 jumps on post-lockdown hopes but Wall Street flat April 6, 2021 London’s FTSE 100 climbed by 1.4 per cent today as prospects of a planned re-emergence from lockdown next week boosted shares. The capital’s premier index currently stands at 6,840, its highest levels since 11 January. Across the Atlantic, however, the mood was more subdued, with Wall Street’s main markets flat at the open this afternoon. [...]
City Moves: Who is switching jobs in the Square Mile this week? March 10, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. New strategy director joins Wates Construction Wates Construction Group has appointed a new strategy and integration director for its recently formed group of businesses Wates Integrated Construction Services (WICS). Joining the London office, [...]
Pensions consolidator Phoenix posts jump in profit August 7, 2019 Insurance firm Phoenix has posted a surge in profit for the first half of the year after buying out more British pension schemes. The FTSE 100 company reported a pre-tax profit of £217m in the six months to the end of June, compared to a £42m loss last year. Read more: Insurer Phoenix on the [...]
Phoenix Group: Fraud up on change in pension rules March 18, 2015 Phoenix Group saw £8m-worth of attempted frauds targetting its customers last year, the firm revealed yesterday, as scammers tried to use the new rules as cover to steal funds. The warning came as Phoenix reported a 10 per cent rise in operating profits, which came in at £489m for 2014. Net incomes came in at [...]
Phoenix chair Sir Howard Davies asks Clive Bannister to explain himself over HSBC February 16, 2015 Former private banking boss at HSBC Clive Bannister has come under pressure from the chairman of Phoenix Group, the insurance company he now runs, to explain his role at HSBC, after revelations that the bank’s Swiss arm helped some clients evade taxes. Phoenix chairman Sir Howard Davies contacted board members last week to inform them [...]