Phoenix : joins UN-Convened Net Zero Asset Owner Alliance, driving forward…

Phoenix Group ('Phoenix'), the UK's largest long-term savings and retirement business, today announces its membership of the UN-Convened Net Zero Asset Owner Alliance group. Founded in September 2019, the group consists of the largest global asset owners with a shared objective of transitioning to net-zero investment portfolios by 2050, each setting interim targets to achieve this. The Alliance aims to drive forward the collaborative effort required by the financial sector to achieve the net zero ambitions.

In 2020, Phoenix was one of the first large UK insurers to make a clear commitment to help tackle climate change, pledging to be net-zero in its investment portfolios by 2050, in line with science based targets. Phoenix is putting solid foundations in place to achieve these commitments. As well as looking to set interim targets, Phoenix will be working to establish a framework to monitor and report on progress being made.

Phoenix has put sustainability at the heart of its business as it seeks to deliver on its purpose of 'helping people secure a life of possibilities', considering the future for people, place and our planet. As part of its journey to net zero, Phoenix recently joined the investor led Climate Action 100+ initiative and also worked with the Institutional Investors Group on Climate Change (IIGCC) to test its portfolios and contribute to the development of the Global Framework for investors to achieve net zero alignment that was launched by the IIGCC in March this year.

Commenting, Michael Eakins, Chief Investment Officer, Phoenix Group, said:

'We are delighted to have become a signatory of the Alliance today, an important step in our journey to net-zero as we work to transition our portfolios. It shows our commitment to reporting regularly on the progress we are making and will be establishing intermediate targets in line with the Paris Agreement and science based targets.

'As an asset owner with £338 billion AUA we recognise the unique role we play in driving the development of industry best practice through our investment mandates and we have already been exploring what net zero means in practice for a portfolio, taking part in research that has helped to develop an industry framework. We're looking forward to developing the analysis to build more climate-aligned portfolios in the years ahead. We are proud to be part of the Alliance and contributing to the collaborative effort needed by the financial sector to accelerate and drive long term change.'

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Enquiries

Dilesh Sangaran
PR Manager
Phoenix Group
07974 604 323 / 0203 735 0942
[e-mail]

Notes to editors

About Phoenix Group

Phoenix Group is the UK's largest long-term savings and retirement business with c.14 million customers and £338 billion of assets under administration across both our Heritage and Open businesses.

Our Heritage business, where we are the market-leader, is focused on the safe and efficient management of insurance policies. The Heritage business comprises products that are no longer actively marketed to customers, and where we have stepped in as the custodian of these policies. We have built this business through the consolidation of over 100 legacy insurance brands.

Our Open business comprises products that are actively marketed to new and existing customers and has five separate business units. Our Workplace pensions and Customer Savings & Investments ('CS&I') units operate under the Standard Life brand and manufacture long-term savings and retirement products to support people saving for their future.

The Retirement Solutions unit within Open includes both vesting annuities and our Bulk Purchase Annuity ('BPA') business, where we acquire annuities and deliver the financial stability required to secure pensions currently provided by corporates.

The Open business comprises our market leading brand - 'SunLife' - which sells a range of financial products specifically for the over 50s market and our European business unit which spans Ireland, Germany and the International Bond segment in the UK and operates under the Standard Life brand.