We use cookies to improve this site and enable full functionality. You can change your cookie settings at any time using your browser. Our cookie policy.

Phoenix Group releases full-year financials

Phoenix Group releases full-year financials | Insurance Business

Phoenix Group releases full-year financials

Phoenix Group Holdings Plc has bucked the trend with its results for 2020, a period described by the company as a year of “exceptionally strong performance” for the group whose financial targets were either met or exceeded.

“2020 was a landmark year for Phoenix during which we completed the acquisition of ReAssure and became the UK’s largest long-term savings and retirement business,” said group chief executive Andy Briggs, who took the helm in 2020.

“We delivered record cash generation of £1.7 billion; our solvency balance sheet remained resilient; we delivered our highest ever year of Open business growth; and we have recommended a 3% increase in our 2020 final dividend.”

Here’s how Phoenix performed last year:

Metric

2020

2019

IFRS profit after tax attributable to owners

£834 million

£116 million

Operating profit

£1.2 billion

£810 million

Capital position

£5.3 billion

£4.4 billion pro forma

 

Briggs added: “During the year we have focussed on delivering better outcomes for our customers, investing in our people, supporting our local communities, and have made a commitment to be net-zero carbon across our operations by 2025 and our investment portfolio by 2050.

“COVID-19 has challenged each and every one of us, and I am very grateful for the outstanding dedication and professionalism of my colleagues which ensured we protected our customers throughout.”

Meanwhile the recommended final dividend of 24.1 pence per share is expected to be paid on May 18.