Phoenix is on the acquisitions hunt again after its successful £3.2billion takeover of Standard Life.
The company is a specialist in buying up the books of life insurance business that were closed to new customers, and then squeezing out cost savings.
But after buying Standard Life in February from Abrdn (formerly Standard Life Aberdeen), Phoenix could now develop open books as well.
Acquisitions hunt: Phoenix Group is a specialist in buying up the books of life insurance business that were closed to new customers, and then squeezing out cost savings
Chief executive Andy Briggs said it will ‘consider larger or smaller businesses’ – and has £1.4billion available for deals.
Phoenix has decided to keep the Standard Life International brand, which has operations in Germany and Ireland, and could use this to expand in Europe.
First-half profits rose 46 per cent to £527million, below the £539million analysts expected.
But it said it was on track to hit the upper end of its target to generate £1.5billion to £1.6billion in cash in 2021, after generating £872million in the first half.
It plans an interim dividend of 24.1p per share. The shares fell 2.2 per cent, or 15.4p, to 684.6p.
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