Phoenix : comments on Solvency II written statement

20 October 2020 - for immediate release

Phoenix Group comments on the written statement published: 'Future Regulatory Framework Review and Solvency II Review' by The Treasury

"We welcome the consultation on Solvency II and the opportunity to work constructively with The Treasury. The end of the transition period from the EU provides the UK with an opportunity to refine the current regime to ensure that it continues to be fit for purpose, potentially making the regime more flexible, removing barriers and improving competitiveness for consumers, while remaining prudent. Now is also the time to consider the approach to investing in UK infrastructure projects and supporting ESG factors. Underpinning this, the system of controls should ensure that the UK's prudential regulatory regime is better tailored to support a confident UK economy and its citizens."

Richard Zugic, Group Chief Actuary, Phoenix Group

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Enquiries

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Head of Corporate Communications

Phoenix Group

020 3735 0922 / 07872 414 137 [e-mail]

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Phoenix Group

0131 245 0489 / 07892 705093 [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.