Seeing retirement differently
Date Invested
September 2005

Partnership Assurance was the market-leading provider of annuities for people with serious medical conditions and those entering, or planning for, residential care.

Our partnership

Phoenix invested in Partnership in September 2005. Our 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, Phoenix supported 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. The company merged with Just Retirement Group in 2016.

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

Ian Owen, Chairman of Partnership Assurance