Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

TOP NEWS: Phoenix Group raises dividend as profit surges in 2020

Mon, 08th Mar 2021 08:20

(Alliance News) - Phoenix Group Holdings PLC on Monday said its performance improved in 2020 and it expects further growth going forward.

The London-based insurance services provider reported record cash generation of GBP1.7 billion for 2020, exceeding the upper end of its GBP1.5 billion to GBP1.6 billion target range, and ahead of GBP707 million posted for 2019.

Pretax profit for 2020 jumped to GBP1.27 billion from GBP351 million year-on-year, as revenue rose to GBP4.70 billion from GBP4.18 billion.

Total operating expenses, meanwhile, were reduced to GBP20.71 billion from GBP28.65 billion in 2019.

The company proposed a final dividend of 24.1 pence per share, resulting in a 2020 full year dividend of 47.5p per share, up from 46.8p per share paid a year earlier.

Phoenix reported record incremental open new business long-term cash generation of GBP766 million in 2020, a 59% year-on-year increase. Retirement solutions new business long-term cash generation jumped year-on-year to GBP522 million from GBP235 million in 2019.

Assets under administration stood at GBP338 billion as at the end of 2020, up from GBP248 billion the year before.

"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 Chief Executive Andy Briggs.

"Looking ahead to 2021, we will continue to optimise our in-force Heritage business for cash and resilience, while the recent acquisition of the Standard Life brand will support us in accelerating our Open business growth strategy," added Briggs.

Phoenix shares were trading 2.4% higher in London on Monday at 744.20p each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Related Shares

More News
22 Mar 2024 16:53

LONDON MARKET CLOSE: Rate cut euphoria lifts FTSE 100; New York slips

(Alliance News) - London's FTSE 100 ended higher on Friday, boosted by a favourable Bank of England interest rate outlook, though trade elsewhere was ...

22 Mar 2024 16:09

London close: Stocks mixed as Bailey hints at rate cuts

(Sharecast News) - London's stock markets closed in a mixed state on Friday as investors weighed optimistic retail sales data against remarks from Ban...

22 Mar 2024 11:46

LONDON MARKET MIDDAY: FTSE 100 boosted after week of rate decisions

(Alliance News) - The FTSE 100 in London were higher at midday on Friday, as investor sentiment remained high, after there were no surprises from UK a...

22 Mar 2024 08:56

TOP NEWS: Phoenix leaps on "ambitious" new targets, top-end results

(Alliance News) - Phoenix Group Holdings PLC on Friday unveiled "ambitious" new targets as it reported annual results which met and, in some areas, su...

22 Mar 2024 08:53

LONDON MARKET OPEN: Phoenix Group leads FTSE 100 higher

(Alliance News) - Stock prices in London opened higher on Friday, after a busy week of interest rate decisions across the globe.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.