Partnership Assurance

Seeing retirement differently   |


Date Invested

September 2005





Surrey, UK

Partnership Assurance was the market-leading provider of annuities for people with serious medical conditions and those entering, or planning for, residential care. The company also provides equity release and life protection products, catering for customers with impaired health. Phoenix invested in Partnership in September 2005; the company merged with Just Retirement Group in 2016.

our partnership

Phoenix’s investment enabled a pioneering demutualisation transaction to take place, satisfying policyholders and regulators and creating a strong and effective provider of products which markedly enhanced customer outcomes. During the investment period, Partnership’s team was strengthened with the recruitment of both senior executives and non-executives to the board. Further investment also enabled selective acquisitions, as well as the launch of new products. Partnership’s revenues were increased by over 3.5x and New Business Profit grew from a break-even position in 2005 to a forecast £20 million in the year of sale. In August 2008, the business was sold to Cinven generating a return of 6.7x investment cost.

"Phoenix spotted the market opportunity and made available the resources to build Partnership into the sector's leading business”

Ian Owen, Chairman, Partnership Assurance