Nov 8, 2019

Andy Briggs to replace Clive Bannister as Phoenix chief

Y Briggs, the former head of Friends Life and Aviva UK, is to become chief executive of Phoenix, replacing Clive Bannister who has led the FTSE 100 life insurer for the past eight years. It bought Abbey Life in 2016 for £935m and Standard Life Aberdeen's insurance business last year for £3bn. This year Phoenix raised its targets for the Standard Life Aberdeen deal, saying it would be able to cut more costs and see higher capital benefits than initially expected. Mr Bannister said Mr Briggs was the "Ideal candidate", adding that he had "Strong integration and M&A skills and a proven track record in driving a radical change agenda for major UK insurance businesses". Phoenix shares fell almost 2 per cent on Friday but analysts welcomed the appointment. Companies such as Phoenix buy up old books of life insurance business and combine them, with the aim of running them more efficiently.

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