Phoenix Group Holdings, the closed life insurance fund consolidator formerly known as Pearl Group, said today that its previously-announced change of its head office and tax residence, to London from Jersey and the Cayman Islands, will take effect tomorrow.
From that date “PGH will be resident in the United Kingdom for tax purposes”, the FTSE 250-listed company said today, in a statement to the stock exchange.
“With effect from 31 January, the Prudential Regulatory Authority will treat PGH, and not Phoenix Life Holdings Ltd (PLHL), as the ultimate European Economic Area insurance holding company of the Insurance Group,” the statement added.
Phoenix Group said last year that it would replace its Cayman Islands registration and Jersey domicile with a single head office located in the UK, where the insurance companies that comprise most of its business are located. The change is seen as enabling it to simplify its corporate structure and potentially reduce costs.
As reported, Phoenix Group, which is headed up by group chief executive Clive Bannister, acquired AXA’s UK investments and pensions business and its Sunlife direct protection business, and Deutsche Bank’s Abbey Life business in the UK, in 2016.
In an interview with the UK’s Telegraph newspaper last year, Bannister noted that Phoenix Group was “onshoring” its business “just as everyone [else is leaving] the UK” ahead of Brexit, but explained that the move was a “bleeding obvious” one in terms of streamlining the company’s operations.
Phoenix Group changed its name from Pearl Group in 2010.