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Phoenix to ditch island for the UK

Phoenix to ditch island for the UK

Phoenix to ditch island for the UK There has been plenty of talk about companies leaving the UK on the back of the Brexit decision – however, now it appears one is looking to reposition its holding company here.

Phoenix is already the largest owner of closed life insurance companies in the UK and earlier this year made a deal with AXA for its investment and pension business (as reported here). However, its holding company was located in the Cayman Islands.

Now however, that is set to change – with Phoenix outlining that it would set up a new holding company based in the UK, according to a report at Citywire.

In the publication Phoenix is quoted as stating that this would reduce “additional burdens on our internal governance processes”. It will also help the company establish a “streamlined and cost-efficient internal governance structure”.

The move came as the company announced a slip in its first half operating profits – down to £107 million compared to £135 million during the same period last year.

The fall was attributed to the drop in interest rates as well as changes in the volume of capital held on the company’s balance sheet.

In addition, the company announced the arrival of several new non-executive directors including John Pollock, formerly assurance chief at Legal & General; Wendy Mayall, who was chief investment officer at LV=; and former Lazard UK investment banking chief Nicholas Shott.

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