Phoenix Group reports full-year results

CEO discusses "simple strategy"

Phoenix Group reports full-year results

Life & Health

By Terry Gangcuangco

Long-term savings and retirement business Phoenix Group – brands of which span Standard Life, SunLife, Phoenix Life, and ReAssure – has published its financial results for 2022.

Here are the numbers, compared to 2021:




Operating companies’ cash generation

£1.5 billion

£1.72 billion

IFRS loss after tax

£(1.76 billion)

£(709 million)

Adjusted operating profit

£1.25 billion

£1.23 billion

Assets under administration

£259 billion

£310 billion


Lifting the lid on the company’s financials, Phoenix Group attributed the loss to significant adverse investment variances due to the accounting volatility from its hedging approach and an accounting mismatch from its own pension schemes that have been subject to a buy-in. The decrease in assets under administration, meanwhile, was primarily due to a reduction in asset values.

Chief executive Andy Briggs, however, chose to highlight the positives.

He commented: “Phoenix has a simple strategy that is focussed on the UK long-term savings and retirement market. We have continued to make excellent progress across all areas of that strategy in 2022, despite the challenging economic backdrop.

“This has enabled us to deliver a strong set of financial results, with cash generation of £1.5 billion and our resilient balance sheet maintained. We have also grown our business both organically, with record new business growth of £1.2 billion, and inorganically, with the cash-funded acquisition of Sun Life of Canada UK.

“Our strong strategic and financial performance has therefore enabled the board to recommend a 5% dividend increase for the year.”

Phoenix Group’s recommended final 2022 dividend, which is expected to be paid on May 10, stands at 26 pence per share.

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