Phoenix Group Holdings (PHNX)

Sector:

Insurance

Index:

FTSE 100

645.40p
   
  • Change Today:
      19.20p
  • 52 Week High: 752.00
  • 52 Week Low: 571.20
  • Currency: UK Pounds
  • Shares Issued: 999.56m
  • Volume: 1,918,256
  • Market Cap: £6,451m

Phoenix sells Ark Life to Irish Life for £197m

By Frank Prenesti

Date: Tuesday 13 Jul 2021

LONDON (ShareCast) - (Sharecast News) - UK insurer Phoenix Group on Tuesday said it had sold its Dublin-based Ark Life Assurance unit to Irish Life for €230m (£197m) as it started to streamline its European operations.


"This transaction simplifies our European operations and accelerates the cash release from this business. The group expects to redeploy the capital into higher return growth opportunities to drive incremental future cash generation," the company said in a statement.

Ark Life is a closed book business with £1.8bn under management which manages heritage savings and protection products in Ireland, and was acquired by Phoenix as part of the ReAssure acquisition from SwissRe in 2020. Ark Life contributed £1.8bn of assets under administration to Phoenix's Heritage division at December 31, 2020.

Irish Life already operates Ark Life's policy administration and investment management under an outsourcing agreement.

Phoenix said last month it was no longer in talks to sell its European businesses, following a Sky News report about a potential sale for around 550 million pounds to European Life Group.

The sale of Ark Life will leave Phoenix's European operations with Standard Life International, which was brought under Phoenix after it acquired the insurance business of Standard Life Aberdeen, now called abrdn, in 2018. Phoenix said it continued to progress "a range of management actions to maximise shareholder value from its remaining European business".

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PHNX Market Data

Currency UK Pounds
Share Price 645.40p
Change Today 19.20p
% Change 3.07 %
52 Week High 752.00
52 Week Low 571.20
Volume 1,918,256
Shares Issued 999.56m
Market Cap £6,451m

PHNX Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
88.41% above the market average88.41% above the market average88.41% above the market average88.41% above the market average88.41% above the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average
Price Trend
5.47% above the market average5.47% above the market average5.47% above the market average5.47% above the market average5.47% above the market average
25% below the sector average25% below the sector average25% below the sector average25% below the sector average25% below the sector average
Income
73.18% above the market average73.18% above the market average73.18% above the market average73.18% above the market average73.18% above the market average
33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average
Growth
90.39% above the market average90.39% above the market average90.39% above the market average90.39% above the market average90.39% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 10
Buy 1
Neutral 5
Sell 0
Strong Sell 0
Total 16
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PHNX Dividends

  Latest Previous
  Final Interim
Ex-Div 31-Mar-22 19-Aug-21
Paid 09-May-22 03-Sep-21
Amount 24.80p 24.10p

Trades for 23-May-2022

Time Volume / Share Price
16:39 28,228 @ 645.40p
16:37 28,228 @ 645.40p
16:35 858,805 @ 645.40p
16:29 38 @ 643.60p
16:29 28 @ 643.60p

PHNX Key Personnel

Chair Nicholas Lyons
CEO Andrew Briggs

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