Net income £249 million (2015) Revenue 692 million GBP (2015) | Traded as LSE: PHNX Operating income Headquarters Jersey Founded 1857 | |
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Key people Sir Howard Davies, Chairman Clive Bannister, CEO Stock price PHNX (LON) 747.50 GBX -4.10 (-0.55%)30 Mar, 4:35 PM GMT+1 - Disclaimer Subsidiaries Pearl Group Services Limited Profiles | ||
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 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. It changed its name to The Pearl Assurance Company in 1914. 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.
In 2005 the business was bought from Henderson Group by Sun Capital Partners (a business in which Hugh Osmond is a leading partner) and TDR Capital. Then, in 2008, Pearl acquired Resolution plc (including its Phoenix Assurance business).
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.
On 15 March 2010, Pearl Group changed its name to Phoenix Group Holdings.
In March 2014, the business sold Ignis Asset Management to Standard Life Investments, the asset management arm of Standard Life.
Operations
The Phoenix group's main business unit is Phoenix Life. Phoenix Life comprises four regulated life companies: