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)

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

.

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.