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(Alliance News) - Life and pensions consolidator Phoenix Group Holdings PLC on Thursday reported a substantial increase in written premiums, alongside a more than doubled profit for the first half of 2020.
For the six months to the end of June, Phoenix Group more than doubled to GBP611 million from GBP217 million the year before, as the insurance firm's net written premiums rose by 37% to GBP2.17 billion from GBP1.58 billion. Gross written premiums meanwhile jumped by 32% to GBP2.46 billion from GBP1.86 billion.
Total revenue grew by 28% to GBP2.48 billion from GBP1.93 billion the prior year, however net income fell sharply to GBP3.07 billion from GBP20.41 billion, as net investment income declined to GBP534 million from GBP18.44 billion.
As at June 30, assets under administration stood at GBP248.3 billion, remaining in-line with the figure at December 31. Meanwhile Phoenix said its solvency II balance sheet had a surplus of GBP4.0 billion with a shareholder capital coverage ratio of 169%.
Phoenix Group declared an interim dividend of 23.4 pence per share, in line with the year before.
"Covid-19 has resulted in an unprecedented global crisis which has challenged each and every one of us. The resilience of Phoenix's business model has been evidenced through this period and ensured the continued delivery of cash and growth, which underpins our ability to continue to pay dividends in accordance with our stable and sustainable dividend policy," said Chief Executive Officer Andy Briggs.
"Despite the challenges of Covid-19 we have successfully completed the ReAssure acquisition, which establishes Phoenix as the UK's largest long-term savings and retirement business. I am extremely grateful to my colleagues for the unwavering commitment they have shown throughout this challenging time and look forward to what we will achieve together in the future," Briggs added.
Shares in Phoenix Group were up 2.9% at 710.15 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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