Uk insurance company Phoenix sets $1.8 bln 2025 new company funds target

LONDON, Dec 6 (Reuters) – British lifetime insurance provider Phoenix (PHNX.L) established its 1st incremental new business enterprise prolonged-term funds era concentrate on at around 1.5 billion kilos ($1.83 billion) by 2025 on Tuesday, following solid effectiveness for 2022.

Phoenix, which specialises in taking care of books of daily life insurance policies company which are closed to new shoppers, stays on monitor to deliver 2022 dollars technology at the top rated end of its target array of 1.3-1.4 billion kilos, it said in a statement in advance of an investor day.

It expects to provide all around 1.2 billion of incremental new business enterprise lengthy-expression funds technology in 2022 via natural and organic growth, largely by its Normal Lifetime brand name, which also has merchandise open up to new buyers.

“It is shaping up to be yet another excellent yr for Phoenix Team,” Main Govt Andy Briggs said.

“Alongside optimising our in-pressure business and M&A (mergers and acquisitions), our natural and organic tactic is to provide sustainable progress.”

Phoenix’s trader working day will aim on Common Daily life, it said.

Phoenix acquired Normal Lifestyle Aberdeen’s European and United kingdom insurance plan corporations in 2018 and previous calendar year acquired the Normal Daily life brand name.

Asset supervisor Typical Existence Aberdeen has given that renamed itself abrdn(ABDN.L).

($1 = .8214 pounds)

Reporting by Carolyn Cohn, editing by Kirstin Ridley

Our Criteria: The Thomson Reuters Have confidence in Concepts.

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