Editing Phoenix Group Holdings plc (section)

=== 2. '''Serviceable Available Market (SAM)''' ===

* '''Definition''': The '''SAM''' represents the portion of the TAM that Phoenix Group could realistically service, given its specific focus and operational capabilities.
* '''Market Focus''':
** '''UK and European Closed-Book Life Insurance''': Phoenix Group is one of the largest consolidators of closed-book policies in the UK and Europe. The closed-book market in Europe alone is estimated to hold '''£300 billion to £400 billion''' in assets under management.
** '''Bulk Purchase Annuities (BPA)''': In the UK, the BPA market has seen significant growth, with estimates suggesting it’s worth around '''£30 billion annually'''. As more companies offload pension liabilities, this market is expected to grow.
** '''UK Retirement and Wealth Solutions''': Given its acquisition of Standard Life and expansion into the open-book market, Phoenix can also tap into the retirement solutions market, worth an estimated '''£1 trillion''' in the UK alone.
* '''Estimated SAM''': For Phoenix, the SAM is likely in the '''hundreds of billions of pounds''', focusing primarily on the UK and European closed-book life insurance market, BPAs, and retirement solutions.