Phoenix Group Holdings is a specialist closed life and pension fund consolidator in the United Kingdom. The Company manages life insurance funds which no longer actively sell new life or pension policies and which run-off gradually over time. The Company, through its Phoenix Life segment, provides a range of whole life, term assurance and pension products. The Company's closed life funds consist of around five million policyholders and total life company assets of approximately �52 billion. The Company has three operating United Kingdom life companies, namely, Phoenix Life Limited, Phoenix Life Assurance Limited and National Provident Life Limited (NPLL). The Company's United Kingdom life companies consist of 14 with-profit funds and two non-profit funds. The Company operates its United Kingdom life insurance business under the Phoenix Life brand.