Change at insurer

Bannister passes Phoenix baton to former Widows boss Briggs

Gilbert Clive Bannister Skeoch

Clive Bannister, centre, with Martin Gilbert and Keith Skeoch of Standard Life Aberdeen

Clive Bannister will retire as chief executive of Phoenix, the zombie funds manager, and will be replaced by former Scottish Widows CEO Andy Briggs, who left Aviva earlier this year.

Mr Bannister joined Phoenix in February 2011 and in that time has achieved a total shareholder return of 179%, while assets under management have risen by 263% to £245bn, and the number of policyholders has risen by 67% to 10 million.

He was the architect of a series of successful acquisitions, culminating in the £2.9 billion purchase of Standard Life Assurance in 2018; after which Phoenix became a constituent of the FTSE100 Index in March.

Mr Briggs has more than 30 years of insurance industry leadership experience. He was group chief executive of Friends Life, the listed insurer, managing director of Scottish Widows, chief executive of the Retirement Income division at Prudential and chairman of the ABI.

He was CEO UK Insurance of Aviva until earlier this year and is understood to have left after missing out on the group job.

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