Better Health for All

Phoenix Group has made health central to its strategy

, inspiring approximately 1.4 million people to consider how they live, work, and save . Its 'Living Longer' campaign promotes public health awareness , and Phoenix Insights is a research center focused on helping people live better, longer lives . The company generates substantial positive health externalities through financial inclusion efforts , reaching over 4 million people with its 'Let's Start Talking' campaign and 1.5 million Standard Life customers with its Money Mindset Platform , which helps alleviate financial anxiety . Phoenix Group also provides significant mental health support through a partnership with Samaritans Ireland, which operates a 24/7 helpline and 21 branches , and through its financial inclusion initiatives. The company's core products and services, such as life insurance and savings, have no direct health impacts or safety implications, nor do they carry health risks requiring disclosure or have addiction potential. The company is not a pharmaceutical or food company and does not conduct clinical trials.

Fair Money & Economic Opportunity

The company's Money Mindset digital app, a financial literacy initiative, reaches 1.5 million of its 12 million customers, representing 12.5% of its customer base.

For several KPIs, the company's business model as a life insurance and long-term savings provider means certain financial products are not offered. Specifically, the company does not generate revenue from high-cost financial products or penalty fees, nor does it provide debt products to consumers. It is also not regulated as a lender, and does not operate financial service access points in the context of banking deserts.

Fair Pay & Worker Respect

Phoenix Group is an Accredited Living Wage Employer, ensuring all employees, including apprentices, interns, and regularly contracted staff on UK premises, are paid at least the Real Living Wage.

All colleagues are automatically enrolled in the company's private healthcare offering. The CEO pay ratio to median employee was 54:1 in 2024. Additionally, 4% of the workforce are on fixed-term contracts, with all colleagues automatically enrolled in private healthcare. However, the Employee Net Promoter Score (eNPS) was 23 at year-end 2024, and voluntary employee turnover was 57%.

Fair Trade & Ethical Sourcing

The company, a life insurance and long-term savings business, does not procure or trade physical commodities, rendering fair trade certification and materials risk indices not applicable to its operations. Similarly, there are no supply chain tiers to map for product provenance. For human rights and modern slavery, the company conducts Human Rights Due Diligence at least every three years.

No incidents relating to human rights in the supply chain were reported in 2023/24, and no cases of modern slavery were reported in 2024. While two whistleblowing cases citing potential allegations of modern slavery were raised in 2023, these were not substantiated findings. The company undertakes proactive risk assessments, with over 90 supplier assessments conducted with Slave Free Alliance in 2024, and 89% of material suppliers risk assessed for modern slavery and human rights violations.

Honest & Fair Business

Phoenix Group incurred approximately $4,250 in ethics-related regulatory fines over the past three years (2023-2025), primarily for pension plan violations by a subsidiary.

The company has a comprehensive "Speak Up" process available to colleagues, customers, suppliers, and the general public. This includes an independent third-party (Safecall) for anonymous reporting in multiple languages, a Whistleblowers’ Champion, and bi-annual updates to the Board. It maintains a zero-tolerance policy for individuals experiencing detriment as a result of raising genuine concerns. While the company aims to resolve complaints within 8 weeks, it is currently taking "considerably longer" due to a large volume of complaints. Phoenix Group enforces a zero-tolerance policy towards bribery and corruption, supported by an anti-bribery program, a Financial Crime Prevention Policy, mandatory annual computer-based training for colleagues, and a Gifts and Hospitality Register.

Kind to Animals

Phoenix Group Holdings PLC is a life insurance and long-term savings business. Its core operations do not involve activities such as product manufacturing, animal testing, animal agriculture, or the use of animal-derived ingredients. Therefore, most KPIs related to direct animal welfare practices are not applicable to the company's business model, resulting in a score of 0 for these. While the company is a signatory to the UN-supported Principles of Responsible Investment (PRI)

and aims for a net-zero investment portfolio by 2050, the provided articles do not offer specific, measurable evidence for direct wildlife conservation impact or active engagement in animal welfare policy advocacy, leading to the omission of these KPIs.

No War, No Weapons

Phoenix Group Holdings PLC's core business is life insurance and long-term savings, and it does not produce or supply weapons or have military contracts.

The company has an investment exclusions policy for controversial weapons, applied across all assets under its direct control or influence. However, it holds shares in companies involved in military activities and operations in conflict zones, including Elbit Systems, Afcon Holdings, and Shikun & Binui Group, and holds bonds in BAE Systems, a defense contractor. This indicates that while ethical red lines are codified for controversial weapons, and a divestment policy exists, it is not comprehensive for all conflict-zone exposures, and verified zero exposure to controversial weapons cannot be confirmed due to these broader military-linked investments. The company also states its commitment to aligning with and implementing the UN Guiding Principles on Business and Human Rights.

Planet-Friendly Business

Phoenix Group procures 100% renewable electricity across its UK and EU sites

and diverts 100% of waste from landfill from all core operational sites. The company's Climate Report and disclosures are prepared in accordance with TCFD recommendations, and climate risk is integrated into its Enterprise Risk Management. It performs comprehensive climate scenario analysis using three scenarios from the NGFS Phase IV, with a projection period of 2025-2050. For its supply chain, 73% of key suppliers participate in the annual CDP supplier survey, and 94% of key suppliers are committed or aligned to science-based targets or the UN Race to Zero campaign. However, the company is not currently seeking validation from the SBTi for its own targets.

Respect for Cultures & Communities

Phoenix Group is a signatory to the Race at Work Charter and The Social Mobility Pledge, promoting cultural respect and community engagement

. The company adopted the Social Value Portal to measure its social contribution, which includes fundraising for charity partners, financial literacy programs, and supporting local businesses . As a life insurance and long-term savings provider, Phoenix Group's direct operations do not typically involve activities that lead to cultural appropriation incidents, require cultural impact assessments, FPIC processes, or social licenses to operate. Consequently, no cultural appropriation incidents are reported, no specific cultural impact assessment protocol is in place, FPIC processes are not applicable, no cultural site disruptions occur, the social license concept is not applicable, and no cultural incident response framework is needed.

Safe & Smart Tech

Phoenix Group has a formal AI Governance framework, principles, and standards that all AI use must follow, emphasizing resilience, privacy, fairness, reliability, and predictability.

The company requires all colleagues to complete annual computer-based training , part of an enhanced education and awareness program with mandatory training, testing, and information security champions to drive cultural change. Phoenix Group explicitly states it will never sell data and only shares it with approved companies , prohibiting incompatible use or sharing with unauthorized parties , supported by a Group Data Protection policy and training , with no documented incidents of unauthorized data use. Customers are stated to be in control of their data , with the company supporting them in exercising their data rights and providing clear explanations of data usage through Privacy Notices. A Data Protection Officer monitors compliance with GDPR and the Data Protection Act 2018 , ensuring data privacy obligations are met.

Zero Waste & Sustainable Products

Phoenix Group Holdings PLC diverts 100% of waste from landfill at all its core operational sites.

The company has implemented numerous waste reduction initiatives, including a campaign that reduced waste sent to disposal by 15,697 kg and a partnership that redistributed 388 kg of surplus food in 2024. Equipment donations in 2023 resulted in a carbon saving of 115,132 kg. Hazardous pharmaceutical waste is properly handled and disposed of by special treatment plants, with a reduction from 2,385 tonnes in 2012/13 to 1,606 tonnes in 2013/14. Waste audits are conducted annually, with audits carried out in 2023 and 2024, and planned for 2025. The company has set a target to eliminate all single-use plastics by 2030 and is committed to year-on-year reductions in consumables.