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Phoenix pressing ahead with acquisition plans

Phoenix is pursuing an aggressive acquisition strategy and predicts a number of companies running closed funds will look to offload their books.

The firm’s 2010 results show an £81m fall in profits, from £469m to £388m, which it attributes to a one-off longevity inflation in 2009.

Group chairman Ron Sandler says: “We expect to grow further by acquisition. There are hundreds of billions of pounds in closed or quasi-closed life funds, particularly in the with-profits sector. We are aware that current operators of those funds are reviewing whether they want to continue to apply scarce capital to maintain this line of business and we expect that many will decide they want to exit.”

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