Bannister leaves the pension fund and life insurance specialist after nine years in the role, during which time he steered Phoenix's elevation to the FTSE 100 with the £2.9bn acquisition of Standard Life Assurance in 2018, boosting assets under management by 263%.
Briggs will join Phoenix as CEO-designate and board member on January 1, 2020 and will be tasked with continuing the insurer's growth, led by the takeover of many closed pension schemes from United Kingdom companies anxious to offload the long-term risks. Phoenix also joined the FTSE100 in March.
Briggs has more than 30 years' experience in the insurance industry.
Insurer Phoenix Group Holdings Plc Chief Executive Officer Clive Bannister will retire next March after nine years in charge, and will be replaced by former Aviva Plc executive Andy Briggs, the company said on Friday.
The company noted that Briggs' previous positions include being chief executive at insurer Friends Life, managing director of Scottish Widows Ltd, and chief executive of retirement income at Prudential PLC.
Earlier this year it was revealed that Briggs was set to step away from Aviva following the appointment of Maurice Tulloch as CEO.
Clive Bannister said: "I am delighted to welcome Andy as CEO-designate". He has led Phoenix in a period of sustained growth and success to its current position as the largest life and pensions consolidator in Europe and he leaves us, as a business, confident and assured.
He was an "ideal candidate" with with a deep insurance knowledge and strong integration and M&A skills, Bannister said.
Briggs added: "Clive has done an excellent job leading Phoenix, and the Standard Life acquisition is strategically transformational for the group".