Phoenix could use annuity book to raise funds

clock

Phoenix Group, the "zombie" life fund business formerly known as Pearl, is keen to raise cash from its £10bn book of annuity policies.

The group will use the funds to explore closed life fund acquisitions more quickly, the Financial Times understands. Phoenix, which moves to a full primary listing on the LSE today, needs to pay down 10% of nearly £3bn in bank debt before it can explore new deals and escape a dividend cap. Pearl was forced into a complex financial restructuring in 2009 after the group struggled under the debt taken on in 2008 to complete a £5bn takeover of rival closed life fund group, Resolution. Ron Sandler and Jonathan Moss, chairman and chief executive of Phoenix, said ahead of the listing the...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Why advisers shouldn't rush into private markets

Why advisers shouldn't rush into private markets

'There's only so long the hamster wheel can keep turning'

Justin Cash
clock 15 December 2025 • 4 min read
Adviser workload set to rocket ahead of IHT on pensions changes

Adviser workload set to rocket ahead of IHT on pensions changes

Large volumes of clients will need reviews of financial plans

Isabel Baxter
clock 15 December 2025 • 3 min read
Advising silver splitters: Legal insight for older clients getting a divorce

Advising silver splitters: Legal insight for older clients getting a divorce

Why is divorce becoming more common in older clients?

Katharine Bundell
clock 15 December 2025 • 4 min read