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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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." 

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.

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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.

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