Insurance services provider Phoenix Group has reported operating profits of £1.2bn for the year ended 31 December 2020, a year-on-year increase of 48%.
The group also posted a record cash generation of £1.7bn, up from £707m in 2019, beating its £1.5bn-£1.6bn target range for the period.
Moreover, Phoenix increased its assets under administration during 2020 by £90bn to £338bn, largely attributable to its ReAssure takeover on 22 July.
Andy Briggs, CEO at Phoenix, claimed that 2020 was a “landmark year” for the company, as it completed the ReAssure acquisition and became “the UK’s largest long-term savings and retirement business”.
He said: “Covid-19 has challenged each and every one of us and I am very grateful for the outstanding dedication and professionalism of my colleagues which ensured we protected our customers throughout.
“We delivered record cash generation of £1.7bn, our solvency balance sheet remained resilient, we delivered our highest ever year of open business growth, and we have recommended a 3% increase in our 2020 final dividend.”
The group aims to achieve cash generation in 2021 between £1.5bn and £1.6bn, with a ReAssure synergy target of over £1bn.
Briggs added that the firm will “continue to optimise our in-force heritage business for cash and resilience,” while also “accelerating our open business growth strategy” through its recent acquisition of Standard Life.