Phoenix Group appoints Henry Staunton as chairman

Separately, Phoenix Group announced the appointment of Henry Staunton as its Chairman, succeeding Howard Davies with effect from 1st September 2015.

The insurance group, whose business model involves buying life insurance funds that are closed to new customers and running them more efficiently, also reported a almost 50 percent fall in first-half operating profit on Thursday. He is now Chairman of WH Smith plc, and Chairman of BrightHouse Group. The company has been in talks with ratings companies since past year.

That GBP84 million achieved in the first half puts Phoenix on track to meet its so-called incremental MCEV target of GBP400 million between 2014 and 2016, having achieved GBP345 million from management actions.

Bannister said it was a strong performance particularly given all the changes taking place in the regulation of insuyrance companies.

Phoenix Group Holdings secured an investment grade rating from Fitch Ratings Ltd., strengthening access to capital markets as it prepares for possible acquisitions.

“With the investment grade credit rating and continued financial delivery against our targets we are well placed to build on our existing position as the UK’s largest specialist consolidator of closed life funds”. “We have consistently met or exceeded all of our public financial targets and this is a track record that we are committed to continuing”, Bannister added. Earnings per share decreased to 22.7 pence from 64.1 pence in the previous year.