Life insurer Phoenix says Solvency II surplus impacted by Brexit

August 25, 2016 6:28 AM

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Aug 25 Phoenix Group Holdings, Britain's largest owner of life assurance funds closed to new customers, said Brexit and the sharp decline in long-term interest rates are factors that negatively impacted its Solvency II surplus.

The insurer, which makes money by buying European life insurers that are closed to new customers and running them more efficiently, said Solvency II surplus fell to 1.1 billion pounds ($1.46 billion) as at June 30, compared with 1.3 billion pounds as at Dec. 31, 2015.

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