Phoenix Group Holdings Regulatory News (PHNX)

Phoenix Group Holdings announces approval of its Internal Model Application

Phoenix Group Holdings ("Phoenix" and, together with its subsidiaries, the "Group") is pleased to announce that the Prudential Regulatory Authority has approved the Group's Internal Model Application under Solvency II. The Solvency II capital regime will apply from 1 January 2016.

As stated at the time of Phoenix's Interim Management Statement on 22 October 2015, the Group continues to expect to be well capitalised under Solvency II, with the Group capital position under Solvency II as calculated at Phoenix Life Holdings Limited ("PLHL") expected to be in excess of the current PLHL ICA surplus.

Phoenix will provide further detail on its Solvency II capital position at the time of its full year results on 23 March 2016.

Enquiries

InvestorsSam Perowne

Head of Investor Relations, Phoenix Group+44 (0) 20 3735 0021

MediaNeil Bennett, Jamie Dunkley, Tom Eckersley

Maitland+44 (0) 20 7379 5151

1. Any references to Solvency II or Group capital position relate to the relevant calculation for Phoenix Life Holdings Limited, the ultimate EEA insurance parent undertaking.