Phoenix Group Holdings Regulatory News (PHNX)

Phoenix Group Holdings: Board Changes

Phoenix Group Holdings ('Phoenix'), the UK's largest specialist consolidator of closed life funds, announces that Hugh Osmond has decided to step down from the Board of Phoenix, with immediate effect.

Sir Howard Davies, Chairman of Phoenix said: "I would like to thank Hugh for his enormous contribution to the Group, and his invaluable advice and insight throughout his time with us, from which I have benefited since I joined the Board last year. On behalf of all of the Board, I would like to wish him well."

Hugh Osmond said: "I am sad to be stepping down from the Board after 8 years of continuous service but extremely pleased with the state of the company that I am leaving. I leave the Group in the immensely capable hands of Howard Davies supported by a high calibre management team, and in a strong position to recommence its long term strategy to consolidate the closed life sector. I continue to believe that this consolidation is essential for the long term health of the life insurance industry and its policyholders and that it will also deliver excellent returns for Phoenix shareholders."

Notes for Editors:

1. Phoenix Group is the UK's largest consolidator of closed life funds with approximately 6 million policyholders and £67.1 billion of Group Assets Under Management at 30 June 2013.

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