Phoenix Group lifts FY cash generation targets.

Insurer Phoenix Group said on Monday that it was lifting its full-year cash generation targets after completing the funds merger of its Standard Life and Phoenix Life businesses into a single entity.

Phoenix Group Holdings
29 April 2024 17:20:20

Source: Sharecast

The merger leads to a "material" one-off upgrade to its 2023 cash generation targets to around £1.8bn, from around £1.3bn to £1.4bn. As a result, the company’s three-year cash generation target increased from £4.1bn to £4.5bn across 2023-2025.

Chief executive Andy Briggs said: "The completion of the funds merger of the Standard Life and Phoenix Life businesses into Phoenix Life Limited, bringing together 8 million policies, is one of the largest UK insurance Part VII transfers ever completed.

"This reaffirms Phoenix Group's position as the UK's leader at delivering cost and capital synergies and generating value for customers and shareholders. This funds merger enables us to materially upgrade our cash generation targets and creates further balance sheet optionality for the group."

FTSE 100 ( UKX )

ISIN: N/A

Exchange: London Stock Exchange

Sell:

0.00

Buy:

0.00

Change: 7.20 ( 0.09 %)

Date:

29/04/2024 - 16:54

Prices delayed by at least 15 minutes

Compare our accounts

Whether you're looking for a Share Dealing Account, Stocks and Shares ISA or a Self-Invested Personal Pension (SIPP), we've got an account to suit your needs..

View our accounts

Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.