ALL YOU NEED TO KNOW10 Feb 2024 08:53
Phoenix Group delivers another year of strong organic new business growth in 2023 and achieves its 2025 growth target two years early
· 2023 new business net fund flows of c.£7bn, a c.80% year-on-year increase
· Workplace net fund flows of c.£4.5bn have nearly doubled year-on-year with c.£2bn of new scheme assets transferred in 2023, including the transfer of one of the largest workplace schemes tendered in the UK market in recent years
· BPA premiums of c.£6bn written in 2023 (FY22: £4.8bn), with a reduced capital strain of
· The Group has therefore delivered c.£1.5bn of new business long-term cash generation in 2023, achieving its 2025 target two years early.