Saudi investment firm Kingdom Holding Company (KHC) has increased its stake in British insurance, savings and retirement company Phoenix Group to 5% from 4%.

Controlled by Saudi Arabia’s Prince Alwaleed bin Talal, KHC invested SAR 274.2m ($73.1m) for the stake.

Phoenix has a customer base of 12 million and assets under administration of £259bn at the end of last year.

The business, set up in 1782, is said to be the largest long-term savings and retirement firm in the UK.

In July 2022, KHC pumped SAR1.06bn into the UK-based insurer.

The latest investment in Phoenix comes shortly after KHC’s SAR228.2m ($61m) infusion into M&G.

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KHC increased its stake in the insurance and asset management company to 6.4% from 5.3% with the additional investment.

In a bourse filing, the Saudi company said: “This step aligns with Kingdom Holding Company’s strategy that aims to build meaningful stakes in prominent companies that are considered market leaders in their field; in line with the company’s objectives to diversify its investments into new and promising sectors.”

The Public Investment Fund (PIF), Saudi’s sovereign-wealth fund, acquired a 16.87% stake in KHC in May 2022.

The $1.5bn deal involved the sale of 625 million shares at SAR9.09 apiece.

KHC has interests in a wide range of sectors including hotel management, healthcare, real estate, petrochemicals, aviation, social media, among others.