Pension buyout specialist Phoenix posts pre-Brexit boom [Reuters (UK)]
SWISS RE LTD S/ADR (SSREY)
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Source: Reuters
Pension buyout specialist Phoenix posts pre-Brexit boom - Reuters 2 Min Read (Reuters) - Insurer Phoenix Group ( PHNX.L ) reported higher annual profit on Monday as its business of buying and operating corporate pension schemes benefited from British companies rushing to offload risk in the run up to Brexit. Most British companies are trying to eject pension obligations from their balance sheet to gain financial flexibility. A company’s pension obligations sit on its balance sheet and can limit its financial and strategic options, so most boards are keen to pass the burden on. That boom in deals helped the blue-chip company post a 14.4% rise in operating profit to 810 million pounds for the 12 months ended Dec. 31. “We see significant potential for further value creation in the Bulk Purchase Annuities market,” Chairman Nicholas Lyons said. “I remain convinced that the drivers for consolidation are inevitably increasing and will tip the balance toward more institutions seeking to div
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