Phoenix : participates in World Bank project to boost affordable housing

8 October 2020

Phoenix participates in World Bank project to boost

affordable housing

Phoenix confirms a $85m participation within a $US250m MIGA-guaranteed loan which will be used to improve access to affordable housing in Panama. This investment builds on the £200m investments Phoenix had already made in 2020 to support the provision of affordable housing.

MIGA, a member of the World Bank Group, has issued guarantees on a fifteen-year, US$250 million loan funded to Caja de Ahorros (CA) of Panama. CA was established in part to help promote home ownership by providing affordable mortgages to low-and middle- income households in Panama. The MIGA-guaranteed loan, which is being arranged by Citi and funded in large part by institutional investors, will be used by CA to issue mortgages on newly constructed homes with values of up to US$120,000.

MIGA Executive Vice President Hiroshi Matano said: "MIGA's support for Caja de Ahorros will help increase access to affordable housing, while also improving the resilience of SMEs and companies that employ economically vulnerable individuals at a time of uncertainty. This project highlights the role of MIGA in helping mobilize capital from international investors to deliver strong developmental outcomes."

Scott Robertson, Head of Phoenix Group Capital, said: "Phoenix is pleased to have been a key provider of capital within a financing initiative designed to improve access to affordable housing. We will continue to seek similar investment opportunities which will deliver positive social outcomes".

A key on-going focus for Phoenix Group will be on its proactive approach to Responsible Investment and managing assets in a way that embeds Environmental, Social and Governance (ESG) considerations in the investment decision making process. This is one of the key pillars of the Group's sustainability strategy, which seeks to safeguard the interests of its customers, shareholders and the community where it operates over the long term.

Phoenix was provided with support on this project from strategic partner, Aberdeen Standard Investments, throughout the transaction.

-Ends-

Enquiries

Shellie Wells

Head of Corporate Communications

Phoenix Group

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

Rachel Esland

PR and Public Affairs Manager

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.