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)

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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.