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)

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."

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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").

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

Stan - you need to remove "Black" from the end of your link.

Thanks Skinny done now.

2018 Trading Update and Capital Markets Day

Phoenix Group announces a strong 2018 year to date trading update, exceeding upper end of two year cash generation target ahead of Capital Markets Day

Phoenix Group, Europe's largest life and pensions consolidator1, announces a strong 2018 year to date trading update on the morning of its Capital Markets Day.

Trading update

· £664 million of cash generation2 in 2018 (2017: £653 million). The Group has delivered £1.3 billion cash generation in 2017 and 2018, exceeding the upper end of its cash generation target of £1.0 billion - £1.2 billion for this period.

· Solvency II surplus of £3.1 billion3 as at 30 September 2018 (£2.5 billion pro-forma as at 31 December 2017). Shareholder Capital Coverage Ratio of 164% as at 30 September 20184 (147% pro-forma as at 31 December 2017).

· Already delivered £400 million of capital synergies on the acquisition of the Standard Life Assurance Limited business against a total £440 million capital synergy target announced for the transaction.

· Assets under administration remain stable at £240 billion as at 30 September 2018 (31 December 2017 proforma: £240 billion) reflecting net business inflows of £3.3 billion by end Q3 on Open business in the UK and Europe.

· Two further bulk purchase annuity transactions completed during the second half taking total 2018 year to date transactions to £0.8 billion.

· Phoenix has selected Diligenta, the FCA regulated subsidiary of TCS, as its partner to deliver a single, digitally enhanced outsourcer platform that will improve customer outcomes and deliver cost savings for our legacy-Phoenix Life policies which is due to be complete by end 2021.

· Fitch Ratings affirmed the Group's ratings in July at A+5; "stable" outlook. Leverage ratio currently 22%6, below the Fitch target range of 25-30%.

Commenting on the results, Group CEO, Clive Bannister said:

"The trading update we have announced today demonstrates Phoenix's strength in delivering and ability to exceed our targets. We have delivered £1.3 billion of cash generation in 2017 and 2018, exceeding the upper end of our target range of £1.0 - £1.2 billion and have significantly strengthened our Solvency II surplus position during the year to a Group surplus of £3.1 billion as at 30 September 2018.

We continue to deliver against our strategy with a further two bulk purchase annuity transactions completed in the second half of the year. Operationally, Diligenta will become our preferred outsource partner and enable us to deliver a single, digitally enhanced outsourcer platform to circa 5.5 million of our customers.

The acquisition of Standard Life Assurance Limited completed on 31 August 2018 and was transformational for Phoenix. I am delighted by the significant progress we have already made with the transition process and the £400 million of capital synergies delivered. I look forward to explaining how Phoenix has been re-defined by this acquisition at today's Capital Markets Day".

Presentation

There will be a presentation for analysts and investors today at 11.00am (BST) at:

Four Seasons Ten Trinity Square, London, EC3N 4AJ

A copy of the presentation will be available at www.thephoenixgroup.com

A replay of the presentation will also be available through the website.