Old Mutual, Prudential and Abbey Life are among five companies still under investigation by the Financial Conduct Authority over concerns about the transparency of exit and penalty charges in the firms’ closed-book life insurance policies.
Phoenix Group, Britain’s largest closed life fund consolidator, doubled operating profit during the first six months of 2017 as it said the cash earned from the Axa acquisition last year had been generated more rapidly than expected.
Having bought Axa Wealth and Abbey Life in 2016, Phoenix Life chief executive Andy Moss tells International Adviser about the group’s consolidation history and how it brings all of its new business on board.
Phoenix Group is eyeing further acquisitions after Abbey Life and Axa Wealth added £22bn ($27.3bn, €25.4bn) in assets under management and more than 1.6 million policies to the life company consolidator’s books in 2016.
Deutsche Bank has confirmed that it is to sell its Abbey Life business to closed book life and pension provider Phoenix Life Holdings, for £935m (€1.08bn, $1.21bn).
Closed book pension provider Phoenix Group has confirmed it is in “advanced” talks with Deutsche Bank about the acquisition of life company Abbey Life.
Closed book pension provider Phoenix Group is reportedly making a move on Deutsche Bank’s UK insurance unit, Abbey Life.
