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Threat of legal action as Phoenix and SLA fight over fees

He said insurers would likely increase their focus on “freeing up capital” by divesting their heritage books as Covid-19 meant interest rates would be lower for longer and equity markets could remain volatile.

Mr Briggs said: “Covid-19 has resulted in an unprecedented global crisis which has challenged each and every one of us. 

“The resilience of Phoenix's business model has been evidenced through this period and ensured the continued delivery of cash and growth, which underpins our ability to continue to pay dividends in accordance with our stable and sustainable dividend policy.

“Although there remains much uncertainty as the pandemic continues to unfold, I am confident that Phoenix remains well positioned to continue to deliver cash, resilience and growth."

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