Phoenix Group Holdings has agreed to buy the British business of Swiss Re for 3....
) are among insurers with substantial legacy books of insurance business that analysts have speculated could be for sale. The pipeline for large bulk annuity deals - insuring company defined benefit, or final salary pension schemes - is also strong.
Phoenix’s shares were up 1% at 747 pence at 0902 GMT, slightly outperforming the FTSE 100, with analysts highlighting the promise of a 3% increase in the insurer’s 2020 final dividend.Phoenix Group, Europe’s largest owner of life assurance funds closed to new customers, said acquiring ReAssure was expected to bring in additional cash flows of about 7 billion pounds over time.
The Swiss Re deal follows Phoenix’s 2.9 billion pounds deal for Standard Life Assurance in 2018, in which Standard Life Aberdeen also retained a stake in the combined group.Swiss Re, the world’s second-largest reinsurer, estimated the transaction, expected to close in mid-2020, would have a positive impact on its Group Swiss Solvency Test ratio and economic profit and a negative impact on its US GAAP results in the fourth quarter of 2019.
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