- Phoenix Group Holdings
- 29 April 2024 17:20:20
Source: Sharecast
In a pre-close trading update for the 12 months to 31 December, the company said new business net fund flows totalled £7bn, up from £3.9bn in 2022, helped by an improved performance in the Standard Life branded Pension & Savings and Retirement Solutions businesses.
The company, which reports its annual report on 22 March, said total group net outflows, including the legacy Heritage business, nearly halved in 2023 to £3 billion, from £5.7bn previously.
"I am delighted that Phoenix Group has delivered another year of strong organic growth in 2023, with increased new business net fund flows supporting us in delivering £1.5bn of new business long-term cash," said chief executive Andy Briggs.
"This means we have achieved our 2025 new business long-term cash target two years early, reflecting the focus and investment we have put into our growth strategy."
The stock was up 0.2% at 331.27p by 0820 GMT.