Phoenix Group (company)
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| Type | Public |
|---|---|
| Traded as | LSE: PHNX |
| Industry | Insurance |
| Founded | 1857 |
| Headquarters | London, UK |
| Key people | Ron Sandler, Chairman Clive Bannister, CEO |
| Revenue | £1,174 million (2012)1 |
| Operating income | £538 million (2012)1 |
| Net income | £409 million (2012)1 |
| Website | www.thephoenixgroup.com |
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.
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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 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 HHG.3
In 2005 the business was bought from HHG by Sun Capital Partners (a business in which Hugh Osmond is a leading partner)4 and TDR Capital.3 Then in 2008 Pearl acquired Resolution plc (including its Phoenix Insurance business).5
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.6
On 15 March 2010, Pearl Group changed its name to Phoenix Group Holdings.7
Operations
The Phoenix group is split into two sections Life assurance and Asset management. 8
Life assurance
- Phoenix Life - Phoenix Life Limited
- Phoenix Life(Irish branch) - Phoenix Life Limited
- NPI - Phoenix Life Limited
- Scottish Mutual International - Scottish Mutual International Limited
Asset management
References
- ^ a b c Preliminary Results 2012
- ^ 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
- ^ Phoenix Group: Our Companies
External links
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