RE: Full year results preview13 Mar 2023 07:44
FRANKFURT, March 13 (Reuters) - British life insurer Phoenix on Monday said 2022 operating profit rose 1%, higher than analysts had expected, and forecast cash generation of up to 1.4 billion pounds ($1.69 billion) this year.
Phoenix, which specialises in books of life insurance business, also said that it would increase its dividend by 5% and that it would continue to assess possible mergers and acquisitions.
Operating profit of 1.245 billion pounds in the year compared with 1.230 billion a year earlier. Analysts had expected group operating profit of 1.134 million pounds.
Cash generation, a key metric for the group, was 1.504 billion pounds, down from 1.717 billion pounds a year earlier. It was, however, higher than the 1.448 billion pounds analysts had expected.