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)

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.

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.

more.....

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.

more.....

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."

more.....

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").

more.....

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