Restructure of ?1.2bn Corporate Loan Portfolio

RNS Number : 2882D

Phoenix Group Holdings

21 March 2011

 



Phoenix Group Holdings announces the successful restructuring

 of a £1.2 billion portfolio of corporate loans

Phoenix Group, the UK's largest specialist closed life fund consolidator, has successfully completed the restructuring of a £1.2 billion portfolio of corporate loans, held in its subsidiary life companies (the only such portfolio), leading to a significant reduction in asset volatility.

This restructuring delivers a Pillar 2 capital benefit of approximately £136 million and increases MCEV by approximately £139 million.

Efficient capital management is a core component of the Phoenix business model. This restructuring exemplifies one aspect of "The Phoenix Way" of developing innovative approaches to the structuring and management of closed life funds to enhance shareholder value and improve customer outcomes.

Phoenix Group is currently in a closed period ahead of the announcement of its 2010 results on 29 March 2011.

Enquiries

Investors

Lorraine Rees, Head of Investor Relations, Phoenix Group

+ 44 (0) 20 7489 4456

Media

Daniel Godfrey, Director of Corporate Communications, Phoenix Group

+ 44 (0) 20 7489 4517

+ 44 (0) 7894 937 890

Notes

1.   Phoenix Group Holdings is the UK's largest specialist closed life fund consolidator, with over 6 million policyholders and approximately £70 billion of assets under management with IGNIS.

 

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