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Swiss Re sells 6.6% stake in Phoenix Group for £437m

Written by Adam Cadle
23/06/2021

Swiss Re has reduced its shareholding in Phoenix Group Holdings, acquired in the sale of ReAssure in 2020, by selling an approximately 6.6% stake for £437m through an accelerated bookbuilding process.

The sale was done in the context of a regular review and rebalancing of Swiss Re’s investment portfolio and is consistent with the group’s overall investment strategy across equity and alternative investments.

It is currently estimated that the transaction will result in a low single-digit increase in the group’s Swiss Solvency Test ratio. The impact of the transaction on Swiss Re’s US GAAP earnings is not expected to be significant.

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