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)

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."