March 9, 2020 / 7:21 AM / 25 days ago

Pension buyout specialist Phoenix reports pre-Brexit boom

March 9 (Reuters) - Insurer Phoenix Group reported a rise in annual profit on Monday as its business of buying and operating corporate pension schemes benefited from British companies rushing to offload risk in the run up to Brexit.

The bluechip company said operating profit was 14.4% higher at 810 million pounds ($1.06 billion) for the 12 months ended Dec. 31.

Separately, Phoenix, whose Chief Executive Officer Clive Bannister is set to retire this month, said finance chief Jim McConville would stand down in May after eight years with the business. ($1 = 0.7621 pounds) (Reporting by Muvija M in Bengaluru; editing by Patrick Graham)

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