March 26 Specialist life insurer Phoenix Group
Holdings reported a 2 percent rise in full-year profit
and said it would sell its Ignis Asset Management business to
larger rival Standard Life Plc for 390 million pounds.
Group IFRS operating profit rose to 439 million pounds
($724.59 million) in the year ended Dec. 31 from 429 million
pounds a year earlier.
Phoenix also said it agreed a long term asset-management
alliance with Standard Life Investments as part of the Ignis
The FTSE 250 company makes money by buying European
life funds that are closed to new customers and running them
($1 = 0.6059 British Pounds)
(Reporting by Roshni Menon and Richa Naidu in Bangalore;
Editing by Joyjeet Das)