|Bid||0.00 x 101600|
|Ask||780.00 x 59000|
|Day's range||760.25 - 770.05|
|52-week range||691.00 - 817.48|
|PE ratio (TTM)||-14.46|
|Forward Dividend & Yield||0.62 (6.23%)|
|1y target est||N/A|
Phoenix Group, Britain's largest owner of closed life assurance funds, is considering buying some of the bulk annuity portfolios that have come on the market in recent months, it said on Thursday. Bulk annuity deals involve insurers taking over a company's final salary pension scheme and are becoming more common as businesses look to reduce their risks and insurers look for new sources of income. Phoenix's focus, though, remains Britain's 300 billion pound-plus "closed life" market, with bulk annuities just an addition, its CEO told Reuters, speaking after the group reported a doubling in first-half operating profit.
British life insurer Phoenix Group plans to compete "selectively on accretive" bulk annuity deals in response to the large number of portfolios on the market, it said on Thursday. Bulk annuity deals involve insurers taking over the management of a company's final salary pension scheme and are becoming more common as businesses look to reduce their risks and insurers look for new sources of income. Phoenix specialises in running life assurance funds closed to new customers and said in June it was entering the bulk annuity market.
The bulk annuity market in Britain was worth nearly 5 billion pounds ($6.5 billion) in the first half and may top 10 billion this year for the third year in a row, consultant Hymans Robertson said on Wednesday. The growth in the bulk annuity market comes as companies look to insulate themselves from exposure to pension schemes by getting insurers to take on the risk of part, or all, of their defined benefit or final salary schemes. "The growth potential is massive," said James Mullins, partner and head of risk transfer solutions at Hymans Robertson.
Phoenix Group Holdings (Frankfurt: 36P.F - news) , Britain's largest owner of life assurance funds closed to new customers, plans to buy more such assets, in a market which its chief executive said was worth about 300 billion pounds ($372.3 billion). Clive Bannister's forecast of 300 billion pounds of opportunities in the broader life insurance market tops guidance by insurance heavyweights, with Legal & General (LSE: LGEN.L - news) having estimated the UK market to have 100 billion pounds of closed annuities. Insurer and asset manager Standard Life (LSE: SL.L - news) 's plans to merge with Aberdeen Asset Management (Frankfurt: 899502 - news) in an 11 billion pound deal have triggered speculation Standard Life may sell its closed annuity book.
AXA, France's biggest insurer, has entered into an agreement to sell its insurance broking arm Bluefin to U.S. insurer Marsh for 295 million pounds . AXA added in a statement on Monday that the sale would ...