Business

Phoenix Group profits jump in full-year results

Phoenix Group has reported operating profits of £810m for the 2019 financial year, up from £708m in 2018.

The firm also reported strong cash generation of £707m for 2019, up from £664m, exceeding the upper end of the cash generation target range of £600m-£700m for the year.

Additionally, Phoenix group said the £3.2bn acquisition of ReAssure Group is on track to complete mid-2020, subject to regulatory approvals.

Group CEO Clive Bannister said: “Phoenix has had a strong year, we beat our cash generation target, made significant progress in the transition of Standard Life Assurance and announced the £3.2bn acquisition of ReAssure.

“With circa £0.5 billion of incremental cash generation delivered from new business written in the year, we have demonstrated that our Open businesses and BPA bring sustainability to Phoenix, offsetting the run-off of our in-force business.”

He added: “I am extremely proud of the evolution of Phoenix during my time as CEO and I would like to thank all of the colleagues I have worked with throughout to deliver benefits to both our customers and shareholders.”

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