Ms Franekova will be responsible for the firm’s M&A strategy as it gears up for further acquisitions.

Phoenix acquired the Standard Life brand from Standard Life Aberdeen earlier this year.

Ms Frankeova joins from JPMorgan Chase where she was a managing director in the investment banking division.

She has over 15 years of experience in the insurance sector in mergers and acquisitions, capital markets transactions, balance sheet management and other strategic leadership activities.

Ms Franekova will join the firm on 1 March and will report to group CEO Andy Briggs. She will also serve as a member of Phoenix Group’s executive committee.

Mr Briggs said: “We are delighted Anna will be joining us, who brings a breadth of capital markets, advisory and leadership experience that will support us in continuing to achieve progress against our strategic priorities.

“With an estimated market size of £480 billion, there is a huge opportunity for further UK heritage book consolidation. With Anna’s experience in M&A we will continue to build on our position as the market leader in the sector.”

Phoenix claims to be the UK’s largest long-term savings and retirement business, with £300bn of assets under administration and around 13m customers.

Phoenix’s illiquid portfolio has a strong focus on sustainable. In addition to its equity release mortgage portfolio, its illiquid portfolio comprises private placements, UK local authority loans, commercial real estate and infrastructure debt.

Phoenix has made several acquisitions over the past year.

Standard Life Aberdeen sold its Standard Life brand to Phoenix Group in February as part of a branding review of all its businesses.