Phoenix Life & Pensions

Amanda Blanc to become UK and Ireland CEO

Group confirms speculation

Members of the executive committee at the Financial Conduct Authority (FCA) stand to lose their bonuses over the blunder that caused a collapse in prices of large insurance companies, according to reports.

Phoenix Group has reported a boost to profits in the first half of the year, while the sale of Ignis allowed it to pay down its debt.

Closed life consolidator Phoenix has comprehensively refinanced its debt to strengthen its balance sheet and better support its growth plans.

Phoenix Group Holdings is awaiting a boost from the Ignis deal, set to complete in Q2, as it sees a drop in cash generation in Q1 compared to last year.

Analysts expect a number of Ignis funds to merge or close after SLI buys group from Phoenix for £390m

Ignis Asset Management is preparing to expand its product range as it reports profits for the first half of the year were unchanged from H1 2012.

Ignis Asset Management saw profits fall by 6% and AUM come down nearly £5bn in 2012, as the renegotiation of its joint venture deals impacted the business in a "year of significant change".