Phoenix : becomes signatory to UN-supported Principles of Responsible Investment

1 December 2020 - for immediate release

Phoenix Group becomes signatory to UN-supported

Principles of Responsible Investment

Phoenix Group, the UK's largest long-term savings and retirement business, announces today that it is a signatory of the UN-supported Principles of Responsible Investment (PRI).

This demonstrates the Group's commitment to including environmental, social and governance (ESG) factors in investment decision making and ownership. As at December 2020, Phoenix is the largest UK asset owner signatory in the UK.

Becoming a signatory to the PRI is one of the pledges within the Group's responsible Investment philosophy and a commitment made within the Group's most recent Sustainability Report, which was published in March 2020.

The PRI is the world's leading proponent of Responsible Investment. It works to understand the investment implications ESG factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions.

The PRI was launched in April 2006 with support from the United Nations. Since then the number of signatories has grown from 100 to over 3,000 members with combined assets across the members being in excess of $110 trillion. Those institutions who sign commit to the PRI's six key principles (see below) and to regularly reporting on their progress.

Phoenix Group is committed to taking a proactive approach to Responsible Investment and managing assets in a way that embeds ESG considerations in the investment decision making process and stewardship activities This is a key pillar of Phoenix Group's sustainability strategy, which seeks to safeguard the interests of its customers, shareholders and the community where it operates over the long term.

Michael Eakins, Chief Investment Officer, said: "We're proud to be a signatory to the UN-supported Principles of Responsible Investment as an asset owner. As a long term investor ESG factors present risks and opportunities to our investment portfolios. We are committed to responsible investment that benefits the environment and society as a whole. This has become even more important during the Covid-19 pandemic and we look forward to taking a leading role in this space."

"We are thrilled to welcome Phoenix Group on board as a signatory" commented Fiona Reynolds, CEO of the PRI. "Their commitment to including ESG factors into investment decision making and ownership is commendable, and we look forward to working together in the future."

ENDS

*ThePRI'ssix ESG Investment principles are:

Principle 1: to incorporate ESG issues into investment analysis and decision-making processes. Principle 2: to be active owners and incorporate ESG issues into our Group's ownership policies and practices.

Principle 3: to seek appropriate disclosure on ESG issues by the entities through which our Group invests.

Principle 4: to promote acceptance and implementation of the Principles within the investment industry.

Principle 5: to work together to enhance effectiveness in implementing the Principles and Principle 6: to report on activities and progress towards implementing the Principles.

Enquiries

Nicki Lundy

Head of Media Relations Phoenix Group 07515 298302

[e-mail]

Rachel Esland

PR and Public Affairs Manager Phoenix Group 07892 [e-mail]

Notes to editors

About Phoenix Group

Phoenix has become the UK's largest long-term savings and retirement business following the completion of the ReAssure acquisition and is also the largest consolidator of closed life and pension funds in Europe.

Phoenix has businesses in the UK, Germany and Ireland, split across three key business segments: UK Heritage, UK Open and Europe.

The Group specialises in the acquisition and management of closed life insurance and pension funds (its Heritage business). Phoenix is a leader in the safe and efficient management of UK Heritage business. The UK Heritage segment comprises products that are no longer actively marketed to customers and has been built through the consolidation of over 100 legacy insurance brands.

In addition, Phoenix's UK Open business manufactures and underwrites long-term savings and retirement products to support people saving for their future. These products are actively marketed to new and existing customers, primarily under the Standard Life brand. This segment is underpinned by a strategic partnership with Standard Life Aberdeen following the Phoenix Group's acquisition of Standard Life Assurance Limited in 2018.

Standard Life Assurance is a long-established expert in workplace pensions, personal pensions, long term savings and retirement solutions, and its customers and clients include individual savers and some of the largest employers in the UK, as well as professional advisers. The UK Open business includes a growing BPA

business. Phoenix Group also has a market leading brand - SunLife - which sells a range of financial products specifically for the over 50s market.

The European business spans a range of both Open and Heritage products across three segments: Ireland, Germany and the International Bond in the UK. Our focus is on protecting our existing assets, optimising sales and driving efficiencies, which enables us to maximise value in these businesses and provides a platform for potential future consolidation in Europe.

Phoenix Group is a member of the FTSE 100 index, and has circa 14 million policies and over £300 billion of assets under administration.