Key facts

THE LARGEST UK CONSOLIDATOR OF CLOSED LIFE ASSURANCE FUNDS

Our business manages closed life funds in an efficient and secure manner, protecting and enhancing policyholders' interests whilst maximising value for the Group's shareholders.

As a closed life fund consolidator Phoenix Life focuses on the efficient run-off of existing policies, maximising economies of scale and generating capital efficiencies through operational improvements.


Company Website

Financial Calendar

Recent Broker notes

BarChart Indicators

Recent Market news

Phoenix Group's Fundamentals (PHNX)

Daily Mail tips

James Salmon - Will Phoenix rise in 2015?

Phoenix has six million customers but will be unfamiliar to most households. This is because it specialises in running old ‘zombie’ pensions and life insurance policies which are no longer available to new customers.

It was formed by a merger of the closed life fund consolidators set up by former pizza king Hugh Osmond and Resolution Life founder Clive Cowdery.

It was saddled with debt just before the 2008 financial crisis. But it has made significant progress since then, paying off £700 million in 2013. It is also generating a lot of cash – a key measure of success for an insurance company – and has become more profitable.

Healthy cash flow generation is one of the reasons Aviva wants to buy Friends Life, which, like Phoenix, also has a big book of closed life and pensions funds.
Some experts believe there could be more consolidation in the sector and that Phoenix could be an attractive take- over target.

One potential spanner in the works could be the Financial Conduct Authority’s investigation into whether customers with closed pensions, investments and life insurance are being treated fairly.

I bought into these last April on the sector panic @639p.

Worth a look for yield hunters.

JP Morgan Cazenove Overweight 839.00 839.00 915.00 925.00 Reiterates

Full year results on 18th March

Pop!

A new high @874 - results on Wednesday.

Phoenix Group Holdings - 2014 Annual Results

Financial Highlights
· Operating companies' cash generation of £567 million (2013: £817 million), above the top end of the £500 - 550 million target range. A further £390 million was received on completion of the divestment of Ignis, resulting in full year cash generation of £957 million
· Market Consistent Embedded Value ('MCEV') increased to £2,647 million as at 31 December 2014 (2013 : £2,378 million)
· Delivered MCEV enhancing management actions of £261 million, a significant part of the £300 million target between 2014 - 2016
· Strong Group IFRS operating profit of £483 million (2013: £439 million)
· £988 million of cash at holding companies as at 31 December 2014 (2013: £995 million)
· IGD surplus of £1.2 billion as at 31 December 2014 (2013: £1.2 billion)
· PLHL ICA surplus of £0.7 billion as at 31 December 2014 (2013: £1.2 billion)
· 2014 final dividend of 26.7p per share, in line with 2013 final dividend

Comprehensive debt refinancing significantly strengthening balance sheet
· Total debt repayment of £601 million in 2014
· Gearing(4) reduced to 34% as at 31 December 2014 (2013: 44%)
· Bank margin reduced by 37.5 bps to 312.5bps due to reduction in Financial Leverage(5)
· £300 million unsecured 7 year bond issue
· Refinancing of the Group's remaining senior bank debt and PIK notes into a single £900 million facility
· Exchange offer of Tier 1 bonds into new subordinated notes with a maturity of 2025 completed in January 2015, with a 99% take up rate by bondholders

Operational Highlights
· Distributed £185 million of estate to a total of 95,000 policyholders through final bonuses on their with-profits policies
· Vesting customers given options to take full advantage of the extensive changes introduced by the 2014 Budget
· Completed Phoenix Life transformation with outsourcing partner HSBC to consolidate investment fund accounting, unit pricing and custody arrangements

Solvency II
· Although there remains considerable uncertainty with regard to the implementation of and transition to Solvency II, the Group is currently on track to formally apply for regulatory approval of its Internal Model in June 2015
· Expect to be well capitalised under the new Solvency II regime, with the Group capital position under Solvency II expected to be in excess of the current PLHL ICA surplus, subject to regulatory approval

Financial Targets
· Given the current uncertainty in relation to the transition to Solvency II capital regime, 2015 cash generation target range is £200 - 250 million due to the retention of capital in the life companies in the short term
· Long-term operating companies' cash generation target for 2014 - 2019 unchanged at £2.8 billion, supporting the Group's stable and sustainable dividend policy
· Cumulative incremental MCEV target increased by £100 million to £400 million between 2014 - 2016
· In future, gearing will be managed to a level consistent with the achievement and maintenance of an investment grade rating

One of many making new highs today.

Q1 2015 Interim Management Statement

Phoenix Group announces cash generation of £87 million in the three months to 31 March 2015 and remains on track to meet all its financial targets

Financial and operational highlights in the three months to 31 March 2015

· £87 million of cash generation1 in the 3 months to 31 March 2015 (3 months to 31 March 2014: £235 million).

· Total holding company cash2 of £1,032 million at 31 March 2015 (FY14: £988 million).

· Estimated IGD3 surplus of £1.2 billion at 31 March 2015 (FY14: £1.2 billion).

· Estimated PLHL ICA3 surplus of £0.7 billion at 31 March 2015 (FY14: £0.7 billion).

· Estimated Phoenix Life free surplus of £271 million at 31 March 2015 following distribution of cash to holding companies (FY14: £196 million).

· The Group continues to expect to be well capitalised under the Solvency II capital regime, with the Group capital position under Solvency II expected to be in excess of the current PLHL ICA surplus, subject to regulatory approval.

· Continued discussions with rating agencies to seek an investment grade rating for Phoenix Group, with process expected to complete during 2015.

· Impact of new pension freedoms within the expected range of outcomes, with the existing partnership with Just Retirement expanded to allow Phoenix Life to offer a wider range of products and services to our customer base.

· Acquired a £0.3 billion portfolio of equity release mortgages, in line with the strategy to diversify the asset portfolio by investing in new asset classes to support the Group's annuity liabilities.

· On track to meet financial targets, comprising
o operating companies' cash generation of £200 - £250 million in 2015, and £2.8 billion between 2014 and 2019; and
o cumulative incremental MCEV enhancements of £400 million in the period from 2014 - 2016.

Skinny, am just doing some research on this company, but the figures look a little bizarre.
2015 & 2016 forecasts revenue up considerably, but pre-tax profit only a quarter of previous years. EPS way down, PE way up yet divi steady and thus yield the same.
Am hunting around for good divi payers (as usual!) but can't get my head around the profit figure.
Of course divi cover figure is greatly reduced as well.

Any thoughts on this one skinny?

Sorry Harry, I missed your earlier post - I still hold - largely from 638p, and will continue to for now - I'm not sure how much upside there is short term, but the yield is still @6.30%.

Even the Barclay's 'underweight' TP is 797p (link in the header).

Have a look at Hansard for dividend - TP reiterated today @120p.

Is JLIF one you follow?

Yes and I also bought JLG recently.

Thanks for that. As usual I am on my hunt for good divi payers, but am trying to spread the risk over different sectors. Lots of high divi payers in the Equity Investment and Financial Services sectors, but am hoping mining will get back into favour soon. Utilities of course in the mix, but a tad dull!!!

It is becoming more difficult to find decent yielders - I'm more than heavy enough in the utilities and have dumped CNA this morning - hoping to find better options near term!

I still like CLLN and the yield is still 5.4% in 2016, but the 15% declared short interest worries me big time. I don't understand why it's so high.
Also looking at HSTN, LMP, INPP, AMFW, KIE and LGEN.

Thanks - I'll have a look - the only one of those that I hold is LGEN and they are +157%, so I'm thinking of trimming my holding - caveat being my previous post!

Investment Grade Rating

Phoenix Group Holdings ("Phoenix" and, together with its subsidiaries, the "Group") is pleased to announce that its two principal operating life companies, Phoenix Life Limited and Phoenix Life Assurance Limited have been assigned the Insurer Financial Strength ("IFS") ratings of "A" with a stable outlook by Fitch Ratings.

This is Phoenix's inaugural rating and reflects the Group's strong capital position, cash flows and track record. The rating also reflects the strength of the Group's competitive position as a leading closed life fund consolidator.

The "A" ratings for the Group's life companies and investment grade ratings for the Group's senior and hybrid debt mark the achievement of an ambition set out during 2014.


more....

JP Morgan Cazenove Overweight 870.00 870.00 925.00 925.00 Reiterates

A good response and £9 in sight!

JP Morgan Cazenove Overweight 880.50 880.50 925.00 925.00 Reiterates

Interim Results

Financial highlights
· Investment grade credit rating achieved from Fitch Ratings, with the Group's two principal operating life companies being assigned an Insurer Financial Strength rating of "A"

· £110 million of cash generation1 in H1 2015 (HY14: £332 million). The Group remains on track to achieve cash generation targets of £200 million - £250 million in 2015 and £2.8 billion between 2014 - 2019

· £84 million of incremental MCEV enhancement achieved in H1 2015, on track to meet the incremental MCEV target of £400 million between 2014 - 2016 having achieved £345 million from management actions

· Group MCEV of £2.6 billion at 30 June 2015 (FY14: £2.6 billion)

· Group IFRS operating profit of £135 million in H1 2015 including £23 million from management actions (HY14: £266 million, including £114 million from management actions)

· Financial Leverage2 of 39.2% at 30 June 2015 (FY14: 39.3%), with £60 million of bank debt amortisation paid in H1 2015

· IGD surplus of £1.6 billion and IGD headroom of £0.8 billion at 30 June 2015 (FY14: £1.2 billion and £0.5 billion respectively)3

· PLHL ICA surplus of £0.7 billion and PLHL ICA headroom of £0.6 billion at 30 June 2015 (FY14: £0.7 billion and £0.6 billion respectively)3

· Interim dividend of 26.7p per share, in line with 2014 interim and final dividends, demonstrating our commitment to a stable and sustainable dividend for shareholders

Solvency II update

· The Group submitted its application for regulatory approval of its Internal Model in June 2015

· The Group expects to be well capitalised under the new Solvency II regime, with the Group capital position under Solvency II3 expected to be in excess of the current PLHL ICA surplus, subject to regulatory approval

Operational highlights

· Implemented options for customers to take advantage of the new pension freedoms introduced in April, either directly by Phoenix Group or through its partnership agreements with other product providers

· Exchange offer of Tier 1 bonds into new subordinated notes with a maturity of 2025 completed in January 2015, with a 99% take-up rate by bondholders

· Completed funds merger of National Provident Life Limited into Phoenix Life Assurance Limited

· Simplification of Group corporate structure in H1 2015, increasing IGD surplus and providing a more appropriate Group structure for the Solvency II capital regime

Phoenix Group appoints Henry Staunton as Chairman

Ex dividend tomorrow @26.7p

Canaccord Genuity Buy 850.25 850.00 890.00 Upgrades

Phoenix Group Holdings: Statement regarding Press Comment

The Board of Phoenix Group Holdings ("Phoenix" or "the Company") notes recent media speculation regarding a possible acquisition of Guardian Financial Services.

As stated at the time of the 2015 Interim results on 20 August 2015, Phoenix believes there are a number of potential acquisition and consolidation opportunities in the UK closed life sector and has been reviewing those options within the framework of its existing commitment to stakeholders. Having secured an investment grade rating earlier this year, the Group is well positioned to take advantage of the consolidation opportunities in its sector.

In this context, Phoenix has been evaluating Guardian Financial Services as part of an on-going sale process for the Guardian Financial Services business. Discussions remain on a non-exclusive basis. There can be no certainty that these discussions will lead to any transaction.

Further statements will be issued if appropriate.

.

Looking for another attempt on the 20th March high of 935p.

Internal Model Application Approval

Phoenix Group Holdings ("Phoenix" and, together with its subsidiaries, the "Group") is pleased to announce that the Prudential Regulatory Authority has approved the Group's Internal Model Application under Solvency II. The Solvency II capital regime will apply from 1 January 2016.

As stated at the time of Phoenix's Interim Management Statement on 22 October 2015, the Group continues to expect to be well capitalised under Solvency II, with the Group capital position under Solvency II as calculated at Phoenix Life Holdings Limited ("PLHL") expected to be in excess of the current PLHL ICA surplus.

Phoenix will provide further detail on its Solvency II capital position at the time of its full year results on 23 March 2016.

Berenberg Hold 833.50 888.00 892.00 Resumes

Well that's Berenberg's TP.

Link copied - Insurance group Phoenix prepares bid for Deutsche Bank's Abbey Life

Deutsche Bank Hold 949.75 910.00 1,000.00 Retains

Barclays Capital Underweight 949.75 766.00 766.00 Reiterates

JP Morgan Cazenove Overweight 949.75 888.00 942.00 Reiterates

New high @952p.

Acquisition of Axa Wealth Businesses

Acquisition highlights

· Consideration of £375 million in cash payable on completion(1)

· Acquisition to add £12.3 billion of assets under management and over 910,000 policies

· Significant diversification benefits from the Acquisition, resulting in net capital synergies of c.£250 million(2) within 6 months of completion, inclusive of the impact of cost synergies of £10 million per annum(3)

· Acquisition expected to generate cashflows of approximately £0.3 billion between 2016 and 2020 and £0.2 billion from 2021 onwards

· Supports a proposed increase of the 2016 final dividend by 5% to 28.0 pence per share, equivalent to 56.0 pence per share on an annualised basis

· Price / MCEV of 71%(4) and Price / Solvency II Own Funds of 85%(5)

· Consideration funded from an equity placing and a new short-term debt facility

· Phoenix expects to repay the new short-term debt facility within 6 months from completion, reducing the Financial Leverage ratio by c.2%

Summary of transaction

The Acquisition comprises a pensions and investments business, offering a range of propositions catering to both individual and corporate requirements ("Embassy"), and SunLife, a leader in the over 50s protection sector ("SunLife"), (together "the Acquired Businesses").

The consideration for the Acquisition will be satisfied by the payment of £375 million in cash, funded through a combination of the net proceeds of a placing of 22,542,000 new ordinary shares (the "Placing Shares") in the Company (the "Placing") and a new short-term debt facility (the "New Debt Facility"). The Placing is expected to represent approximately 9.99% of the Company's existing issued share capital.

Acquisition meets Phoenix's stated acquisition criteria

Phoenix has set clear criteria by which it assesses transactions and which are all met by the Acquisition. In particular:

· "Closed Life focus": Significant backbook of over 910,000 policies within Embassy and SunLife

· "Value accretive": The Acquisition is expected to generate cashflows of £0.3 billion between 2016 and 2020 and £0.2 billion of cashflows post 2020. The expected cash generation recognises significant net capital synergies of c.£250 million(2), inclusive of the impact of £10 million of run rate cost synergies per annum(3)

· "Supports dividend": Given the anticipated financial benefits of the Acquisition, Phoenix proposes to increase the final 2016 dividend per share by 5% to 28.0 pence. This would increase the dividend per share to 56.0 pence on an annualised basis, which the Board believes is a sustainable level at which to rebase the dividend going forward

· "Maintains investment grade rating": Phoenix expects to repay the New Debt Facility within 6 months from completion which will further reinforce the investment grade credit rating. The Group expects a reduction of c.2% in its Financial Leverage ratio following repayment of the New Debt Facility

Commenting on the Acquisition, Phoenix's Group CEO, Clive Bannister said:

"The acquisition of the Embassy and SunLife businesses represents another important step forward in Phoenix's growth strategy. The transaction meets our acquisition criteria and will generate additional cash for the Group which supports the proposed increase in Phoenix's dividend. The Group has extensive integration experience and expertise and we believe that both the Embassy and SunLife businesses are a strong fit, benefitting both shareholders and policyholders alike. We will invest heavily to ensure a smooth transition of the two businesses from AXA to Phoenix and we are committed to delivering the highest level of service to both direct and IFA customers, as we do for our existing customers. Looking ahead, we believe there will be further consolidation in the UK life industry and we will continue to explore further opportunities as they arise."

Webcast and Conference call

A webcast and conference call for analysts and investors will be held at 8.30am (BST) today. Details of the webcast and presentation slides can be found on the Group's website, www.thephoenixgroup.com.

Result of Placing

A total of 22,542,000 new ordinary shares in the Company (the "Placing Shares") have been placed by HSBC Bank plc ("HSBC") and J.P. Morgan Securities plc (which conducts its UK investment banking activities as J.P. Morgan Cazenove) ("J.P. Morgan Cazenove") at a price of 860.00 pence per Placing Share, (the "Placing Price") raising gross proceeds of approximately £193.9 million (before expenses).

The Placing Price represents a premium of 1.24 per cent. to the closing price on 26 May 2016 and a discount of 1.60 per cent. to the intra-day price at 9.54 a.m. (being the time the Placing Price was agreed). The net placing price of approximately 844.07 pence per Placing Share to be received by the Company after expenses directly attributable to the Placing represents a discount of approximately 3.42 per cent. to that intra-day price.

The Placing Shares represent approximately 9.99% of the Group's issued ordinary share capital prior to the Placing.

UK competition watchdog to not refer AXA-Phoenix deal for further probe

Interim Results

PHOENIX GROUP REMAINS ON TRACK FOR CASH GENERATION TARGETS
Phoenix Group, the UK's largest specialist closed life fund consolidator, today announces its results for the six months ended 30 June 2016.

FINANCIAL HIGHLIGHTS
· £147 million of cash generation2 in H1 2016 (H1 2015: £110 million)

· Total holding company cash of £921 million2 as at 30 June 2016 (£706 million as at 31 December 2015)

· The Group remains on track to achieve its 2016 cash generation target of £350 million - £450 million and the Group reiterates its longer term target of £2.0 billion between 2016 - 20202

· Solvency II surplus of £1.1 billion3 as at 30 June 2016, which includes the impact of the payment of the interim dividend, compared to £1.3 billion as at 31 December 2015

· Shareholder Capital coverage ratio of 144% as at 30 June 20164 (154% as at 31 December 2015)

· Group IFRS operating profit of £107 million in H1 2016 (H1 2015: £135 million)

· Interim dividend of 26.7p per share, in line with 2015 interim dividend

ACQUISITION OF AXA WEALTH'S PENSIONS AND PROTECTION BUSINESS REMAINS ON TRACK
· Previously announced acquisition of AXA Wealth's pensions and protection businesses for £375 million in cash5, adding over 910,000 policyholders to the Group

· Completion anticipated in the fourth quarter of 2016, subject to regulatory approvals

· Acquisition funding includes net proceeds of £190 million raised through a placing of 22.5 million shares, together with a new, short-term bank facility

· Significant benefits from the acquisition, resulting in net capital synergies of approximately £250 million within 6 months of completion6

· Acquisition expected to generate cashflows of approximately £0.3 billion between 2016 and 2020 and £0.2 billion from 2021 onwards

· Supports a proposed increase of the 2016 final dividend by 5% to 28.0p per share, equivalent to 56.0p per share on an annualised basis.

COMMENTING ON THE RESULTS, GROUP CEO, CLIVE BANNISTER SAID:
"Phoenix remains on track to deliver its cash target for the year, despite very significant market volatility and a sharp fall in long-term interest rates over the year to date. The Group continues to maintain a resilient capital position and has further management actions planned for the second half of the year.

The acquisition of the AXA Wealth businesses is on track and will represent another important step forward in Phoenix's growth strategy. The transaction meets our acquisition criteria and will generate additional cash for the Group which supports the proposed future increase in Phoenix's dividend. Looking ahead, we believe there will be further consolidation in the UK life industry and we will continue to explore further opportunities as they arise." 

Board Changes

Links copied :-

Shore Capital waits for ‘big one’ from Phoenix

Phoenix to ditch Cayman Islands for the UK

HSBC Hold 831.25 920.00 920.00 Retains

Phoenix Group Holdings Statement re. Press Comment

Phoenix Group Holdings ("Phoenix") notes recent media speculation regarding a possible acquisition of Abbey Life Assurance Company Ltd ("Abbey Life") and confirms that it is evaluating a potential transaction.

As stated at the time of the interim results on 25 August 2016, Phoenix continues to explore further acquisition opportunities in the UK closed life sector. In this context, Phoenix is in advanced discussions with Deutsche Bank in relation to a possible acquisition of Abbey Life. There can be no certainty that these discussions will lead to a transaction.

The person responsible for arranging for the release of this announcement on behalf of Phoenix is Gerald Watson.

Any further announcement will be made as and when appropriate.

15 Sep N+1 Singer Buy 27.88 - 35.00 Retains
15 Sep Peel Hunt Buy 27.88 33.00 33.00 Retains
13 Sep Canaccord Genuity Buy 27.88 30.00 40.00 Reiterates

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Total holding for BlackRock, Inc. has gone above 5%

Proposed Acquisition of Abbey Life

Proposed Acquisition of Abbey Life - Reinforces Phoenix's Position as the UK's Leading Closed Life Fund Consolidator

Phoenix Group Holdings ("Phoenix" or the "Company" and, together with its subsidiaries, the "Group") is pleased to announce the proposed acquisition of Abbey Life Assurance Company Limited ("ALAC"), Abbey Life Trustee Services Limited and Abbey Life Trust Securities Limited (together "Abbey Life") from Deutsche Holdings No. 4 Ltd., a wholly owned subsidiary of Deutsche Bank AG (the "Seller") for total consideration of £935 million in cash payable on completion, subject to adjustments (the "Acquisition").

Acquisition Highlights

· Consideration of £935 million in cash payable on completion

· Acquisition to add £10 billion of assets under management and approximately 735,000 policyholders

· Acquisition expected to generate approximately £0.5 billion of aggregate cashflows between 2016 and 2020 and approximately £1.1 billion in aggregate from 2021 onwards

· Attractive price representing 0.89x multiple of Solvency II Own Funds and 0.77x of MCEV(1)

· Acquisition will support a proposed increase in dividends in respect of 2017 to £197 million, representing a further 5%(2) increase in dividend per share ("DPS") in addition to the 5% increase in DPS as a result of the AXA transaction, and equivalent to a total increase in the DPS of 10%(2) from the 2015 level

· Consideration and estimated expenses to be financed through a fully underwritten rights issue to raise a total of £735 million and a £250 million new bank facility

more....

Obviously they are now a static image!

BlackRock, Inc. has gone above 5%

Trading update and announcement of roadshow with credit investors

Phoenix Group Holdings ("Phoenix" and, together with its subsidiaries, the "Group") announces that it has generated a total of £486 million of cash from the Group's operating companies in 2016. Of this total cash generation, £117 million has been generated from the integration of the AXA Wealth pensions and protection businesses ("AXA Businesses") that were acquired on 1 November 2016.

The Group has therefore achieved its 2016 target for cash generation of between £350 million to £450 million, which was announced at the time of its 2015 year end results on 23 March 2016. Furthermore, Phoenix reiterates its expectation that it will generate a total of at least £250 million of cash from the integration of the AXA Businesses within 6 months of completion of the acquisition.

During December 2016, the Group repaid the entirety of the £182 million of bank debt used to finance the acquisition of the AXA Businesses. In addition, the £250 million short-term bank facility relating to the Abbey Life acquisition has been converted into a tranche of the Group's existing bank Revolving Credit Facility ("RCF"), increasing the size of the RCF from £650 million to £900 million. During December 2016, £50 million of the RCF was repaid, leaving £850 million of the RCF outstanding as at 31 December 2016.

On 21 December 2016, PGH Capital PLC established a £3,000,000,000 Euro Medium Term Note Programme guaranteed on a senior or subordinated basis by Phoenix. PGH Capital PLC has mandated Citigroup Global Markets Limited, J.P. Morgan Securities plc, Lloyds Bank plc, Merrill Lynch International and The Royal Bank of Scotland plc (trading as NatWest Markets) to arrange a series of credit investor meetings in London commencing 12 January 2017. A benchmark Sterling denominated 5.5 year Tier 3 transaction to be guaranteed on a subordinated basis will follow, subject to market conditions.

The net proceeds from the proposed debt issuance are expected to be used to further reduce the outstanding amount of the Group's bank debt.

Berenberg Buy 731.00 759.00 821.00 Upgrades

30 Jan Deutsche Bank Buy 755.50 - 835.00 Initiates/Starts

Link copied - Deutsche likes Phoenix’ fire power

Gap being filled - tick, tock.

PHOENIX GROUP HOLDINGS - 2016 ANNUAL RESULTS

PHOENIX GROUP DELIVERS STRONG FULL YEAR FINANCIAL PERFORMANCE

Phoenix Group, the UK's largest specialist closed life fund consolidator1, today announces a strong set of results for the year ended 31 December 2016.

2016 FINANCIAL HIGHLIGHTS
- £486 million of cash generation2 (2015: £225 million), meeting the Group's 2016 cash generation target

- Solvency II surplus of £1.9 billion3 as at 31 December 2016, compared to £1.3 billion as at 31 December 2015

- Shareholder Capital Coverage Ratio of 170% as at 31 December 20164 (154% as at 31 December 2015)

- Group operating profit of £351 million (2015: £324 million)

- Proposed final dividend of 23.9p per share, an equivalent 5% increase on the 2015 final dividend5

INTEGRATION OF AXA WEALTH AHEAD OF EXPECTATIONS
- Acquisition of AXA Wealth's pensions and protection businesses for £373 million in cash completed on 1 November, adding over 910,000 policies and £12 billion of assets

- Acquisition has generated a total of £282 million of cash to date, of which £117 million was generated in 2016, exceeding the target of £250 million of cash generation within 6 months of completion

- Cost synergies now expected to be between £13 million to £15 million per annum, increased from original expectations of £10 million of cost savings per annum

INTEGRATION OF ABBEY LIFE PROGRESSING WELL
- Acquisition of Abbey Life for £933 million in cash completed on 30 December, adding 735,000 policies and £10 billion of assets

- Customer governance model in place to provide oversight of Abbey Life business

- £250 million short-term acquisition facility refinanced into enlarged £900 million Revolving Credit Facility, of which £50 million was repaid in December 2016

- Supports an expected further 5% increase in the 2017 interim dividend to 25.1p per share, equivalent to 50.2p per share on an annualised basis

FINANCIAL TARGETS
- Updated long-term cash generation target for 2016 - 2020 of £2.8 billion, up from £2.0 billion, incorporating the impact of the acquisitions completed in 2016

- Of the long-term target, between £1.0 - 1.2 billion of cash generation expected in the two year period between 2017 - 2018

COMMENTING ON THE RESULTS, GROUP CEO, CLIVE BANNISTER SAID:
"Phoenix has had a highly successful year in completing two acquisitions, allowing us to increase our dividend per share. The Group has safely incorporated our new customers from the AXA Wealth and Abbey Life businesses and is focused on delivering the planned cost and capital synergies.

We are grateful for the support of our investors during 2016 and we believe there will be further consolidation in the UK life industry. We continue to explore opportunities as they arise. The Group's recent Tier 3 bond issue and the achievement of £282 million of cash generation from the AXA business provides Phoenix with greater flexibility in financing future acquisitions." 

PRESENTATION
There will be a presentation for analysts and investors today at 9.30am (GMT) at:

J.P. Morgan, 1 John Carpenter Street, London, EC4Y 0JP

A link to a live webcast of the presentation, with the facility to raise questions, and a copy of the presentation will be available at http://www.thephoenixgroup.com/

A replay of the presentation will also be available through the website.

Results look most acceptable also paying a 3% divi which is even more acceptable.

Stan from the above " Supports an expected further 5% increase in the 2017 interim dividend to 25.1p per share, equivalent to 50.2p per share on an annualised basis"

50.2p @800p = 6.275% yield?

3%+ Even better.

Scroll down to "Phoenix Group".

Phoenix Group

JP Morgan Cazenove Overweight 799.25 793.00 826.00 Reiterates

Scholled down but no Phoenix news.

Stan you need to login - its free.

Nothing's free with a Murdoch product Skinny probably sell my email ad. Or something equally as devious.

Could you summarise the content?

Phoenix Group
As a business Phoenix is predictable to a fault. The company said a year ago that it would generate £2 billion of cash between 2016 and 2020. It then bought two more closed assets, one from Axa, the French insurer, for £373 million and the Abbey Life business from Deutsche Bank for £933 million. The Phoenix model is to buy such closed or “zombie” funds and get cashflow from the inevitable cost savings. The savings from the Axa business are running ahead of expectations; Abbey Life has only been with the company since the year end but the omens are promising enough.

So Phoenix has lifted its four-year cash generation target to £2.8 billion. Phoenix is sufficiently confident, and the business is sufficiently predictable, for it to forecast a halfway dividend of 25.1p this year, up by 5 per cent on last time. On the assumption that the same will be paid at the final stage the shares offer a guaranteed yield of 6.3 per cent, about as good as it gets.

Phoenix raised the funds to buy Abbey Life in a rights issue at 729p. The shares added another 6p to 797 ½ p. The only question is the timing of the next deal, but there will be one.

My advice Buy
Why Company’s long-term record speaks for itself

Also - Phoenix has £1.5bn for deals

Thanks Skinny it sounds very positive, further food for thought.

Deutsche Bank Buy 782.75 835.00 875.00 Reiterates

Director buys a few http://http://www.moneyam.com/action/news/showArticle?id=5519988

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Standard Life Investments > 5%

2017 INTERIM RESULTS

PHOENIX GROUP DELIVERS STRONG CASH GENERATION AND IS AHEAD OF PLAN ON REALISING ACQUISITION BENEFITS
Phoenix Group, the UK's largest specialist closed life fund consolidator1, today announces its results for the six months ended 30 June 2017.

FINANCIAL HIGHLIGHTS
- £360 million of cash generation2 in H1 2017 (H1 2016: £147 million)

- Total holding company cash of £691 million2 as at 30 June 2017 (£570 million as at 31 December 2016)

- The Group remains on track to achieve its cash generation target of £1.0 billion - £1.2 billion between 2017 and 2018 and its longer term cash generation target of £2.8 billion between 2016 - 20202

- Solvency II surplus as calculated at Phoenix Group Holdings of £1.7 billion3 as at 30 June 2017 (£1.1 billion as at 31 December 2016)

- Shareholder Capital Coverage Ratio as calculated at Phoenix Group Holdings of 166% as at 30 June 20174 (139% as at 31 December 2016)

- Group operating profit of £215 million in H1 2017 (H1 2016: £107 million)

- Interim dividend of 25.1p per share, a 5% increase on the 2016 final dividend

INTEGRATION OF ACQUISITIONS AHEAD OF EXPECTATIONS
- AXA acquisition has generated a total of £282 million of cash to date, of which £165 million was generated in 2017, exceeding the target of £250 million of cash generation within 6 months of completion

- AXA cost synergies now expected to be between £13 million to £15 million per annum, increased from original expectations of £10 million of cost savings per annum

- Customer governance model in place to provide oversight of Abbey Life business

- On track to achieve cost synergies of £7 million from Abbey Life acquisition

ONSHORING PROCESS SUPPORTED BY RECENT SUBORDINATED DEBT ISSUANCE
- Issuance of US$500 million of Tier 2 subordinated debt and £450 million of Tier 3 subordinated debt in 2017, used to refinance the Group's senior debt

- Credit rating upgrade from Fitch Ratings achieved in July 2017

- Progress towards putting in place a new UK-registered holding company for the Group in mid 2018

COMMENTING ON THE RESULTS, GROUP CEO, CLIVE BANNISTER SAID:
"The Group continues to deliver strong cash generation and remains on track to achieve its targets, supported by capital and cost synergies from the AXA and Abbey Life acquisitions.

The plans to bring Phoenix onshore are progressing well and have been supported by the issuance of over £800 million of subordinated debt during 2017. Our strengthened capital position and the recent upgrade from Fitch Ratings gives us the financial flexibility to execute additional acquisitions in future." 

Deutsche Bank Hold 775.50 875.00 800.00 Downgrades

Residency Update

The Company's Annual General Meeting will be held at Stationers' Hall, Ave Maria Lane, London, EC4M 7DD on Wednesday 2 May 2018 at 10.00 a.m (British Summer Time).

AGM tomorrow.

Results of General Meeting

Phoenix Group Holdings (the "Company") is pleased to announce that, at the General Meeting held earlier today at Grange St. Paul's Hotel, 10 Godliman Street, London EC4V 5AJ, all Resolutions regarding the proposed acquisition of Standard Life Assurance and the associated Rights Issue, details of which were set out in the Notice of General Meeting included in the circular and prospectus dated 30 May 2018 (the "Circular and Prospectus"), were duly passed by way of poll.

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Admission of Nil Paid Rights

Phoenix Group Holdings (the "Company") is pleased to announce that, pursuant to the Rights Issue announced on 30 May 2018 to part finance the proposed acquisition of Standard Life Assurance, details of which were set out in the circular and prospectus dated 30 May 2018 (the "Circular and Prospectus"), 183,581,978 New Shares were admitted to listing on the premium segment of the Official List of the UKLA and were admitted, nil paid, to trading on the London Stock Exchange's main market for listed securities at 8.00 a.m. today.

Qualifying Non-CREST Shareholders (subject to certain exceptions in relation to persons located in a Restricted Territory or Excluded Territory) were yesterday sent a Provisional Allotment Letter and Qualifying Depositary Interest Holders will receive a credit to their appropriate stock accounts in CREST as soon as practicable after 8.00 a.m. today in respect of the Nil Paid Rights to which they are entitled. The latest time and date for acceptance, payment in full and registration of renounced Provisional Allotment Letters remains 11.00 a.m. on 9 July 2018.

Capitalised terms used in this announcement shall have the meanings set out in the Circular and Prospectus.

Results of Rights Issue

Phoenix Group Holdings (the "Company") is pleased to announce that, as at 11.00 a.m. on 9 July 2018 (the latest time and date for acceptance, payment in full and registration of renounced Provisional Allotment Letters), it had received valid acceptances in respect of 176,693,407 New Shares (representing 96.25 per cent. of the New Shares offered) pursuant to the Company's Rights Issue announced on 30 May 2018 to part finance the proposed acquisition of Standard Life Assurance.

It is expected that dealings in the New Shares, fully paid, will commence on the London Stock Exchange's main market for listed securities from 8.00 a.m. today, 10 July 2018. It is also expected that the New Shares held in uncertificated form will be credited to CREST accounts as soon as practicable after 8.00 a.m. today, 10 July 2018, and that share certificates in respect of New Shares held in certificated form will be despatched to Qualifying Non-CREST Shareholders by no later than 16 July 2018.

In accordance with their obligations under the Sponsor and Underwriting Agreement dated 30 May 2018, HSBC, BofA Merrill Lynch and J.P. Morgan Cazenove (the "Global Coordinators") shall use reasonable endeavours to procure, by no later than 4.30 p.m. on 11 July 2018, subscribers for all of the remaining 6,888,571 New Shares not validly accepted (representing approximately 3.75 per cent. of the New Shares), failing which the Global Coordinators and BNP PARIBAS have agreed to subscribe for, on a several basis, any remaining New Shares.

Qualifying Shareholders who did not take up their rights in the Rights Issue may have the New Shares to which they are entitled sold on their behalf. To the extent that such New Shares are sold at a premium to the Rights Issue price of 518 pence per New Share, the relevant Qualifying Shareholders shall be entitled to such premium less related expenses (including any applicable brokerage and commissions and amounts in respect of value added tax which are not recoverable), so long as the amount in question is at least £5.00.

A further announcement as to the number of New Shares for which subscribers have been procured will be made in due course.

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Chairman Appointment

Nicholas Lyons appointed as Chairman of Phoenix Group

The Board of Phoenix Group Holdings is pleased to announce that Nicholas Lyons has been appointed as Group Chairman effective from 1st September 2018, subject to regulatory approval.

Nicholas is currently a Non-Executive Director of a number of financial institutions including Pension Insurance Corporation, where he is the Senior Independent Director. He was previously on the boards of Friends Life Group Limited and Friends Life Holdings plc.

Nicholas read History at Cambridge before joining J P Morgan where he worked for 12 years in Debt and Equity Capital Markets and Mergers and Acquisitions. He then spent eight years at Lehman Brothers, as a Managing Director in their European Financial Institutions Group, ending his executive career as Global Co Head of Recruitment. Nicholas is an Alderman in the City of London Corporation.

Henry Staunton, Phoenix Group Chairman writes: "Nicholas is a tremendous choice to be my successor. He recognises the potential that the Group has following its impending acquisition of Standard Life Assurance, and he has extensive experience in the life sector."

Nicholas Lyons added: "I am extremely pleased to be joining Phoenix at this exciting time. Henry and Clive have built a strong platform and an outstanding team and there are excellent opportunities ahead. I look forward to working with the Board, management and shareholders in the years to come."

Alastair Barbour, Senior Independent Director, Phoenix Group, added: "On behalf of everyone on the Board at Phoenix, we pay tribute to Henry's leadership through this transformational period for the Group. Henry leaves Phoenix stronger and more confident than it has ever been and the Board thanks him for his leadership and guidance."

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23rd Aug Half Year Results.

HALF-YEAR REPORT

Phoenix Group delivers strong results and will exceed upper end of two year cash generation target. Completion of Standard Life Assurance acquisition anticipated on 31 August 2018.

Phoenix Group, the UK's largest specialist closed life fund consolidator1, announces strong results for the six months ended 30 June 2018.



Financial and Group Highlights

· £349 million of cash generation2 in H1 2018 (H1 2017: £360 million). The Group expects to exceed the upper end of its cash generation target of £1.0 billion - £1.2 billion between 2017 and 2018.

· Solvency II surplus of £2.3 billion3 as at 30 June 2018 (£1.8 billion as at 31 December 2017). Shareholder Capital Coverage Ratio of 180% as at 30 June 20184 (164% as at 31 December 2017).

· Group operating profit of £216 million in H1 2018 (H1 0 £215 million).

· Interim dividend of 22.6p per share, consistent with Final 2017 dividend rebased for July rights issue.

· Fitch Ratings affirmed the Group's ratings in July at A+5; "stable" outlook.

· Phoenix to introduce fee caps on unitised non-workplace pensions for a one off expected cost of £68 million.

· Chairman and Non-Executive Director appointments announced (subject to regulatory approval) and Group Executive Committee strengthened.



Acquisition of Standard Life Assurance

· We anticipate completion of the acquisition on 31 August 2018 subject to obtaining regulatory approval from the CBI by 30 August. Previously announced synergy and cash generation targets unchanged.

· Acquisition funding in place following the £500 million Restricted Tier 1 bond issuance in April and the £950 million rights issue completed in July with 96.25% uptake.

· Strong shareholder support with 99.98% of shareholders voting in favour of the acquisition.



Delivering on strategic priorities

· AXA and Abbey Life integrations completed ahead of plan and targets, delivering cost synergy benefits of £27 million per annum and cumulative cash generation of £768 million.

· Completed first bulk purchase annuity - a £470 million transaction with the Trustee of the Marks and Spencer Pension Scheme.



Commenting on the results, Group CEO, Clive Bannister said:

"The Group has delivered strong cash generation; and expects to exceed its 2017-2018 target having completed the integrations of the AXA and Abbey Life acquisitions. Our commitment to improving customer outcomes is evidenced by the introduction of fee caps on unitised non-workplace pensions following a similar move with workplace schemes in 2017.

Having received enormous support from our investors I am delighted to announce that we anticipate completion of the acquisition of Standard Life Assurance on 31 August 2018. This acquisition and the ongoing Strategic Partnership with Standard Life Aberdeen plc represents a pivotal moment in the Group's history bringing growth opportunities from new business across both Heritage and Open books.

The transaction is evidence of the industry's bifurcation, splitting into "capital heavy" insurance specialists and "capital light" firms. Phoenix's vision is to be Europe's Leading Life Consolidator. The Standard Life Assurance acquisition is a stepping stone on our consolidation journey, but it isn't the final destination and we remain focused on doing more transactions.

I would like to take this opportunity on behalf of the Board to thank Henry for his leadership and guidance during his highly successful period as Chairman of the Group and to welcome Nicholas Lyons who, subject to regulatory approval, will replace Henry on 1 September 2018."

Presentation

There will be a presentation for analysts and investors today at 9.30am (BST) at:

J.P. Morgan, 1 John Carpenter Street, London, EC4Y 0JP

A link to a live webcast of the presentation, with the facility to raise questions, and a copy of the presentation will be available at www.thephoenixgroup.com

Deutsche Bank Hold 710.50 740.00 770.00 Reiterates

Black Rock add https://www.moneyam.com/action/nav/news?epic=PHNX

Introduction of a New Holding Company

The Board of the Company today announces a proposed scheme of arrangement pursuant to section 86 of the Cayman Islands Companies Law (2018 Revision) (the "Companies Law") (the "Scheme") relating to the corporate restructuring of Old Phoenix and including a related reduction of capital under sections 14 and 16 of the Companies Law (the "Old Phoenix Reduction of Capital"). A circular setting out full details of the Scheme (including notices of the Court Meeting and Scheme General Meeting, each as defined below) (the "Scheme Circular") will be sent to Old Phoenix Shareholders and Old Phoenix DI Holders later today.

If the Scheme is implemented and the Old Phoenix Reduction of Capital is approved, Phoenix Group Holdings plc ("New Phoenix"), a new company incorporated in England & Wales, will become the holding company of Old Phoenix and its consolidated subsidiaries (the "Group"). If approved, the Scheme and the Old Phoenix Reduction of Capital are expected to become effective on or around 12 December 2018 (the "Scheme Effective Date").

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Black Rock reduce https://www.moneyam.com/action/news/showArticle?id=6206555

Stan - you need to remove "Black" from the end of your link.

Thanks Skinny done now.

2018 Trading Update and Capital Markets Day

Phoenix Group announces a strong 2018 year to date trading update, exceeding upper end of two year cash generation target ahead of Capital Markets Day

Phoenix Group, Europe's largest life and pensions consolidator1, announces a strong 2018 year to date trading update on the morning of its Capital Markets Day.

Trading update

· £664 million of cash generation2 in 2018 (2017: £653 million). The Group has delivered £1.3 billion cash generation in 2017 and 2018, exceeding the upper end of its cash generation target of £1.0 billion - £1.2 billion for this period.

· Solvency II surplus of £3.1 billion3 as at 30 September 2018 (£2.5 billion pro-forma as at 31 December 2017). Shareholder Capital Coverage Ratio of 164% as at 30 September 20184 (147% pro-forma as at 31 December 2017).

· Already delivered £400 million of capital synergies on the acquisition of the Standard Life Assurance Limited business against a total £440 million capital synergy target announced for the transaction.

· Assets under administration remain stable at £240 billion as at 30 September 2018 (31 December 2017 proforma: £240 billion) reflecting net business inflows of £3.3 billion by end Q3 on Open business in the UK and Europe.

· Two further bulk purchase annuity transactions completed during the second half taking total 2018 year to date transactions to £0.8 billion.

· Phoenix has selected Diligenta, the FCA regulated subsidiary of TCS, as its partner to deliver a single, digitally enhanced outsourcer platform that will improve customer outcomes and deliver cost savings for our legacy-Phoenix Life policies which is due to be complete by end 2021.

· Fitch Ratings affirmed the Group's ratings in July at A+5; "stable" outlook. Leverage ratio currently 22%6, below the Fitch target range of 25-30%.

Commenting on the results, Group CEO, Clive Bannister said:

"The trading update we have announced today demonstrates Phoenix's strength in delivering and ability to exceed our targets. We have delivered £1.3 billion of cash generation in 2017 and 2018, exceeding the upper end of our target range of £1.0 - £1.2 billion and have significantly strengthened our Solvency II surplus position during the year to a Group surplus of £3.1 billion as at 30 September 2018.

We continue to deliver against our strategy with a further two bulk purchase annuity transactions completed in the second half of the year. Operationally, Diligenta will become our preferred outsource partner and enable us to deliver a single, digitally enhanced outsourcer platform to circa 5.5 million of our customers.

The acquisition of Standard Life Assurance Limited completed on 31 August 2018 and was transformational for Phoenix. I am delighted by the significant progress we have already made with the transition process and the £400 million of capital synergies delivered. I look forward to explaining how Phoenix has been re-defined by this acquisition at today's Capital Markets Day".

Presentation

There will be a presentation for analysts and investors today at 11.00am (BST) at:

Four Seasons Ten Trinity Square, London, EC3N 4AJ

A copy of the presentation will be available at www.thephoenixgroup.com

A replay of the presentation will also be available through the website.