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Phoenix Group hits long-term cash target two years early

Written by Adam Cadle
01/02/2024

Phoenix Group delivered about £1.5bn of new business long-term cash generation in 2023, hitting its 2025 target two years early and driving a rally in its shares.

The group’s 2023 new business net fund flows jumped about 80% to around £7bn.

Phoenix's full-year performance was driven by growth at its Standard Life-branded pension & savings and retirement solutions business, in line with its strategy.

In line with previous guidance, Phoenix said it expected its Solvency II capital surplus to be slightly below the June 30 position of £3.9bn.

Phoenix reported seven bulk annuity deals in the second half of 2023, totalling £2.8bn in premiums and taking the annual total to about £6bn compared with £4.8bn in 2022.


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