Pearl Group arises as Phoenix Group Holdings

by Gill Montia

Story link: Pearl Group arises as Phoenix Group Holdings

Pearl Group has announced that it is changing its name to Phoenix Group Holdings, following a “reconstruction” that provided the group with “fresh momentum”.

In a trading update, the closed life consolidator also revealed that its 2009 operational cash generation will exceed its £500 million target, and that it continues with preparations for a Premium Listing on the London Stock Exchange but without the intention to raise cash.

Chairman, Ron Sandler, comments: “I am pleased to report that we have made significant progress on a number of fronts to continue to strengthen our financial position and governance and to support our stated goal of achieving a Premium Listing on the London Stock Exchange.”

Explaining the name change, he adds: “The Phoenix brand has been associated with life assurance for over two hundred years … it will serve us well as we continue on our chosen path of consolidating closed life funds in the UK.”