Kingdom Holding invests SAR 1.06 bln in Phoenix Group

Logo of Kingdom Holding Co.

Kingdom Holding Co. (KHC) announced today, July 28, an investment of SAR 1.06 billion (£232.98 million) in Phoenix Group, one of the largest insurance, savings and retirement companies in the UK.

This is part of the investment program that was disclosed on June 23, 2022, under which Kingdom Holding’s stake in Phoenix Group was recently increased to 3.79%, the company said in a bourse statement.

The step marks a continuation of the Saudi-listed firm’s strategy to invest in blue-chip companies that are considered market leaders in their fields, the statement added.

Founded in 1782, Phoenix Group is deemed the top savings and pension company and one of the largest insurance companies in the UK. Holding over 240 years of experience in the UK and Europe, the company serves over 13 million customers, with over £310 billion, the Saudi-listed firm noted.

Last June, KHC announced the completion of an investment program worth SAR 12.8 billion ($3.4 billion) between Q2 2020 and Q2 2022.

The program targets investment in companies operating in diverse sectors, with a proven track record of growth and a strong financial position, according to Argaam’s data.

The company recently revealed an investment of SAR 1.01 billion (£224.4 million) in M&G PLC, one of the largest insurance and asset management companies in Europe.