Editing Phoenix Group Holdings plc (section)

=== 3. '''Serviceable Obtainable Market (SOM)''' ===

* '''Definition''': The '''SOM''' is the portion of the SAM that Phoenix Group can realistically capture, given competition, regulatory constraints, and its existing market share.
* '''Competitive Position''':
** '''Closed-Book Consolidation''': Phoenix already holds a significant market share in the UK closed-book insurance market. Its scale, expertise, and established relationships position it to capture a substantial portion of this market. Realistically, Phoenix could maintain a '''10-20% share''' of the UK and European closed-book market, equating to '''£30-60 billion'''.
** '''BPAs''': Phoenix is actively growing its presence in the BPA market. Given competition from other insurers like Legal & General, Phoenix might capture '''5-10% of the BPA market''', which could mean around '''£1.5-3 billion annually'''.
** '''Retirement and Wealth Solutions''': This is a competitive market with players like Aviva, Prudential, and Standard Life. Phoenix’s SOM here could be around '''5%''', or '''£50 billion''', within the UK retirement solutions market.
* '''Estimated SOM''': Combining these factors, Phoenix’s SOM might realistically be between '''£80 billion to £120 billion''' across its primary markets. This includes substantial market share in closed-book management, a growing foothold in BPAs, and a smaller but strategic presence in retirement solutions.