Phoenix Group CFO to resign later this year

British insurer Phoenix Group's CFO, Rakesh Thakrar, is set to resign later this year.

Stephanie Bruce, who previously served as CFO at British asset manager Abrdn, is scheduled to join the group this June. Following her arrival, she will assume the role of interim CFO.

Thakrar, who became part of Phoenix in 2001, was appointed as the company's finance head in 2020. He played a key role in streamlining the strategic partnership with Abrdn and the purchase of Sun Life Financial's business.

The date of his departure is yet to be decided while the board looks for a permanent successor. Stephanie Bruce will bring her experience from Abrdn to her new role as interim CFO at Phoenix in June. The board is still looking for someone to replace Thakrar, who was important for the company's partnerships and acquisitions.

The group is focused on boosting profits by almost 50% and improving operating cash flow by 2026 through cost optimization and debt reduction, supported by new business growth.

Phoenix focuses on acquiring old life insurance portfolios and then optimizing their operational costs and capital requirements. The company has experienced encouraging results from the expanding bulk annuities sector, where insurance behemoths acquire pension commitments from businesses. This market presents significant opportunities for growth and has proven to be lucrative for the company.