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.


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Phoenix Group's Fundamentals (PHNX)

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.

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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.