Phoenix Group has confirmed it is considering a buying Abbey Life
The closed book consolidator stated it continues to explore further acquisitions in the UK closed life sector, reiterating a statement in its interim results on 25 August.
Group chief executive Clive Bannister said in August last year the group plans to explore such opportunities.
At that time, he said: “Looking ahead, we believe there will be further consolidation in the UK life industry and we will continue to explore further opportunities as they arise.”
Today (16 September) Phoenix said it is in advanced discussions with Deutsche Bank in relation to a possible acquisition of Abbey Life.
The group added there can be no certainty that these discussions will lead to a transaction.
In May last year, the closed-book life company came under fire for failing to treat customers fairly after it charged an adviser’s clients over a third of their pension pots to transfer to a scheme capable of offering pension freedoms.
ruth.gillbe@ft.com
