- General insurer Phoenix said it had completed four bulk purchase annuity transactions during the second half of 2021 covering £4 billion of premiums.

The purchases comprised £3.6 billion of external deals and a further £0.4 billion tranche of the company's Pearl pension scheme.

They had boosted total bulk purchase annuity (BPA) premiums for the year to £5.5 billion, up from £2.5 billion year-on-year.

Phoenix added that it now expected to deliver in excess of £1 billion of total new business long-term cash generation for 2021. It said that would more than offset a run-off of in-force business.

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