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PHOENIX LIFE INSURANCE UK
Phoenix Life Insurance Company brand is part of Resolution Group Limited which was formed in 2004 for the sole purpose of buying and running closed UK life funds. Resolution plc was formed in 2005 from the merger of Resolution Life Group Limited and Britannic Group plc. Resolution plc is the largest specialist manager of in-force UK life funds.
In 2004, Resolution Life Group bought the UK life operations of Royal and SunAlliance for £850 million which had closed to all new life insurance business in 2002. In 2005, Resolution Life Group acquired Swiss Life UK for £205 million which had closed to new business in 2003. Subsequently Resolution integrated the former Royal & SunAlliance UK life business (R&SA Life) and Swiss Life (UK) plc (Swiss Life UK) into one group called Phoenix Life Group (Phoenix). In 2005 all ex-Royal Sun Alliance Life and ex-Swiss Life UK policies were re-branded to PhoenixLife. They acquired the Life Operations of Allianz Cornhill (Cornhill) to transfer Cornhill policyholders in 2005.
In 2006, Resolution Life plc acquired the life businesses of Abbey National plc namely Scottish Provident which was re-named Phoenix Life Assurance Limited. In 2007, a funds merger programme transferred the funds of Alba Life Limited, Britannic Assurance plc, Britannic Retirement Solutions Limited, Britannia Life who took over the Life Association of Scotland in 1993. Also Britannic Unit Linked Assurance Limited, Century Life plc and Phoenix Life & Pensions Limited into Phoenix Life Limited. In 2008 Phoenix was acquired by the Pearl Group who own NPI & London Life.
Phoenix Life products include Life cover, decreasing (mortgage protection) or level term assurance, Life with Critical Illness, Children's Critical Illness, Income Protection and Un-Employment cover. Looking in 2008 to compare Phoenix Life Insurance products against other Uk Insurers
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