M&A Deal Summary

Phoenix Group Acquires Abbey Life

On September 28, 2016, Phoenix Group acquired insurance company Abbey Life from Deutsche Bank for 935M GBP

Acquisition Highlights
  • This is Phoenix Group’s 2nd transaction in the Insurance sector.
  • This is Phoenix Group’s largest (disclosed) transaction.
  • This is Phoenix Group’s 3rd transaction in the United Kingdom.

M&A Deal Summary
Date 2016-09-28
Target Abbey Life
Sector Insurance
Buyer(s) Phoenix Group
Sellers(s) Deutsche Bank
Deal Type Divestiture
Deal Value 935M GBP

Target

Abbey Life

Bournemouth, United Kingdom
Abbey Life is a life insurance group that specialises in the management of closed life and pension funds predominantly comprising unit-linked life and pensions policies and annuities in payment. ALAC also manages two with-profit funds, other non-profit funds and a small permanent health insurance book. ALAC is authorised by the PRA and regulated by the FCA and the PRA to carry on long term insurance business in the UK. As at 31 December 2015, Abbey Life had approximately 735,000 policyholders and £10 billion of assets under management.

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Buyer(S) 1

Buyer

Phoenix Group

London, United Kingdom

website

Category Company
Founded 1782
Sector Insurance
Employees7,653
Revenue 21.8B GBP (2020)
DESCRIPTION

Phoenix Group consists of several life insurance funds which are closed to new business. Phoenix Group was founded in 1782 and is based in London, the United Kingdom.

DEAL STATS #
Overall 3 of 4
Sector (Insurance) 2 of 3
Type (Divestiture) 2 of 3
Country (United Kingdom) 3 of 4
Year (2016) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-27 AXA Wealth - Pensions & Protection Businesses

United Kingdom

AXA Wealth - Pensions & Protection Businesses comprises a pensions and investments business, offering a range of propositions catering to both individual and corporate requirements ("Embassy"), and SunLife, a leader in the over 50s protection sector.

Buy £375M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-13 Ark Life Assurance

Dublin, Ireland

Ark Life Assurance is a provider of insurance services. Ark Life Assurance was founded in 1991 and is based in Dublin, Ireland.

Sell €230M

Seller(S) 1

SELLER

Deutsche Bank

Frankfurt, Germany

website

Category Company
Founded 1870
Sector Financial Services
Employees83,797
Revenue 26.7B EUR (2022)
DESCRIPTION

Deutsche Bank is a German global banking and financial services company. Deutsche Bank was founded in 1870 and is based in Frankfurt, Germany.

DEAL STATS #
Overall 1 of 5
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 4
Country (United Kingdom) 1 of 1
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-15 Latitude Financial Services

Docklands, Australia

Latitude Financial Services is an independent digital payments and finance company serving consumers across Australia. The Company was founded in 2015 and is based in Docklands, Australia.

Buy $8.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-02 we.trade Innovation DAC

Dublin, Ireland

we.trade Innovation DAC is a digital trade platform based on the Linux Foundation's Hyperledger Fabric and runs on the IBM Blockchain Platform. We .trade digital platform delivers global trade transactions across trade finance, insurance, and logistics. we.trade Innovation was founded in 2017 and is based in Dublin, Ireland.

Buy -
Mergr

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