Editing Phoenix Group Holdings plc (section)

=== 1. '''Total Addressable Market (TAM)''' ===

* '''Definition''': The '''TAM''' is the total revenue opportunity available if Phoenix Group could achieve 100% market share in all its target sectors.
* '''Market Size''': The TAM for Phoenix includes:
** The '''global life insurance market''', especially in regions with significant closed-book insurance business (UK, Europe, some parts of North America).
** The '''global pension market''', as companies seek to offload pension liabilities via Bulk Purchase Annuities (BPAs).
** The '''global retirement solutions and wealth management market''', given the increasing demand for retirement products as populations age.
* '''Estimated TAM''': For Phoenix, the TAM is likely in the '''trillions''' in GBP, as the global life insurance market alone is estimated to be worth several trillion dollars annually. However, for closed-book management and pension buyouts specifically, estimates suggest an addressable market in the '''hundreds of billions''', particularly in Europe and North America, where regulatory and aging demographics drive demand.