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Phoenix Group Holdings PLC (PHNX.L)

PHNX.L on London Stock Exchange

639.60GBp
23 Aug 2019
Change (% chg)

0.00 (+0.00%)
Prev Close
639.60
Open
645.00
Day's High
648.80
Day's Low
639.40
Volume
1,066,784
Avg. Vol
1,134,911
52-wk High
735.50
52-wk Low
536.72

Latest Key Developments (Source: Significant Developments)

Phoenix Group Expects To Be Towards Upper End Of Cash Generation Target Range For 2019
Wednesday, 7 Aug 2019 

Aug 7 (Reuters) - Phoenix Group Holdings PLC ::EXPECTS TO BE TOWARDS UPPER END OF ITS 2019 CASH GENERATION TARGET.STRONG CASH GENERATION OF £287 MILLION IN H1 2019 (H1 2018: £349 MILLION).EXPECTS TO BE TOWARDS UPPER END OF CASH GENERATION TARGET RANGE OF £600 MILLION - £700 MILLION FOR FULL YEAR 2019.GROUP OPERATING PROFIT OF £325 MILLION IN H1 2019 (H1 2018: £216 MILLION).INTERIM DIVIDEND OF 23.4P PER SHARE, A 3.5% INCREASE ON 2018 INTERIM DIVIDEND.REMAINS ON TRACK TO DELIVER £1.2 BILLION TOTAL SYNERGY TARGET FOR STANDARD LIFE ASSURANCE BUSINESSES TRANSITION.BREXIT PREPARATIONS COMPLETE WITH £250 MILLION OF CAPITAL INJECTED INTO AN IRISH SUBSIDIARY PRIOR TO A PART VII TRANSFER.SOLVENCY II SURPLUS OF £3.0 BILLION AS AT 30 JUNE 2019 (£3.2 BILLION AS AT 31 DECEMBER 2018).£3.5 BILLION GROSS NEW BUSINESS INFLOWS FOR UK OPEN AND EUROPE BUSINESSES IN H1 2019 (H1 2018 PRO FORMA(9): £4.6 BILLION).£1.1 BILLION BUY-IN FROM PGL PENSION SCHEME SUCCESSFULLY COMPLETED.CONTINUE TO MAKE GOOD PROGRESS ACROSS ALL PHASES OF TRANSITION PROGRAMME.NET INFLOWS INTO OPEN BUSINESSES DOWN OVERALL YEAR ON YEAR REFLECTING MARKET UNCERTAINTY FROM BREXIT AND A TAIL OFF IN DB TO DC TRANSFERS.  Full Article

Phoenix Says Knew about Standard Life FCA enforcement action, costs covered
Tuesday, 23 Jul 2019 

July 23 (Reuters) - Phoenix ::SAYS STANDARD LIFE ASSURANCE’S <<>> NON-ADVISED TELEPHONY PRACTICES "A KNOWN ISSUE" AT TIME OF ACQUISITION.SAYS AGREEMENT WAS PUT IN PLACE TO COVER THE COSTS OF THE ENFORCEMENT ACTION AND ASSOCIATED FEES.SAYS ITS REMEDIATION PROGRAMME FOR AFFECTED CUSTOMERS IS PROGRESSING WELL, EXPECTS IT TO BE COMPLETED BY YEAR-END.  Full Article

Phoenix Group Says FY Operating Profit Of £708 Million
Tuesday, 5 Mar 2019 

March 5 (Reuters) - Phoenix Group Holdings ::PHOENIX GP HLDGS PLC - 2018 FULL YEAR RESULTS.PHOENIX GROUP HOLDINGS - FY GROUP OPERATING PROFIT OF £708 MILLION (2017: £368 MILLION).PHOENIX GROUP HOLDINGS - SHAREHOLDER CAPITAL COVERAGE RATIO OF 167%(4) AS AT 31 DECEMBER 2018 (147% PRO-FORMA AS AT 31 DECEMBER 2017).PHOENIX GROUP HOLDINGS - SOLVENCY II SURPLUS OF £3.2 BILLION(3) AS AT 31 DECEMBER 2018 (£2.5 BILLION PRO-FORMA AS AT 31 DECEMBER 2017).PHOENIX GROUP HOLDINGS - FY PROPOSED FINAL DIVIDEND OF 23.4P PER SHARE, A 3.5% INCREASE ON 2017 FINAL DIVIDEND.PHOENIX GROUP HOLDINGS - 2019 CASH GENERATION TARGET OF £600 - £700 MILLION.PHOENIX GROUP HOLDINGS - LONG-TERM CASH GENERATION TARGET FOR 2019 - 2023 OF £3.8 BILLION.PHOENIX GROUP HOLDINGS - BREXIT PREPARATIONS COMPLETE.PHOENIX GROUP - 2019 CASH GENERATION TARGET IS NET OF £250 MILLION COST OF CAPITALISING STANDARD LIFE INTERNATIONAL DESIGNATED ACTIVITY COMPANY FOR BREXIT.PHOENIX GROUP - IN 2019 CO EXPECTS TO GENERATE £600 - £700 MILLION OF CASH NET OF COST OF CAPITALISING ITS IRISH SUBSIDIARY FOR BREXIT.PHOENIX GROUP HOLDINGS - EXPECT A FURTHER £8.2 BILLION OF CASH FROM 2024 ON-WARDS.  Full Article

Phoenix Group Says Court Sanctions Proposals To Introduce New Holding Company
Wednesday, 5 Dec 2018 

Dec 5 (Reuters) - Phoenix Group Holdings ::COURT SANCTION OF SCHEME OF ARRANGEMENT.COURT MADE ORDER SANCTIONING SCHEME, CONFIRMING RELATED CANCELLATION OF ALL OF EXISTING OLD PHOENIX SHARES BY WAY OF A REDUCTION OF CAPITAL.REFERS TO PROPOSALS TO INTRODUCE NEW CO INCORPORATED IN ENGLAND & WALES, AS NEW HOLDING CO OF PHOENIX GROUP BY MEANS OF SCHEME OF ARRANGEMENT.  Full Article

Phoenix CEO Sees Opportunity In UK To Grow Through Acquisitions
Thursday, 29 Nov 2018 

Nov 29 (Reuters) - Phoenix Group Holdings ::PHOENIX CEO SAYS BELIEVES MORE TRADITIONAL INSURANCE COS WILL SPLIT, PROVIDING CO WITH OPPORTUNITY TO GROW THROUGH ACQUISITIONS, PARTICULARLY IN UK.  Full Article

Phoenix Group Says 2018 Cash Generation Target Exceeds Upper End Of Target
Thursday, 29 Nov 2018 

Nov 29 (Reuters) - Phoenix Group Holdings ::PHOENIX GROUP HOLDINGS - £664 MILLION OF CASH GENERATION IN 2018 (2017: £653 MILLION).PHOENIX - DELIVERED £1.3 BILLION CASH GENERATION IN 2017 AND 2018, EXCEEDING UPPER END OF CASH GENERATION TARGET OF £1.0 BILLION - £1.2 BILLION FOR THIS PERIOD.PHOENIX GROUP HOLDINGS - SOLVENCY II SURPLUS OF £3.1 BILLION AS AT 30 SEPTEMBER 2018 (£2.5 BILLION PRO-FORMA AS AT 31 DECEMBER 2017).PHOENIX GROUP HOLDINGS - TWO FURTHER BULK PURCHASE ANNUITY TRANSACTIONS COMPLETED DURING SECOND HALF.PHOENIX - DELIVERED £400 MILLION OF CAPITAL SYNERGIES ON STANDARD LIFE ASSURANCE LIMITED DEAL AGAINST A TOTAL £440 MILLION CAPITAL SYNERGY TARGET.  Full Article

Phoenix Group Introduces New Holding Company
Friday, 2 Nov 2018 

Nov 2 (Reuters) - Phoenix Group Holdings ::INTRODUCTION OF A NEW HOLDING COMPANY.PROPOSED SCHEME OF ARRANGEMENT RELATING TO CORPORATE RESTRUCTURING OF OLD PHOENIX.IF SCHEME IS IMPLEMENTED PHOENIX GROUP HOLDINGS PLC , A NEW CO INCORPORATED IN ENGLAND & WALES, WILL BECOME HOLDING CO OF OLD PHOENIX.IF APPROVED, SCHEME AND OLD PHOENIX REDUCTION OF CAPITAL ARE EXPECTED TO BECOME EFFECTIVE ON OR AROUND 12 DECEMBER.APPLICATIONS WILL BE MADE TO UK LISTING AUTHORITY FOR SHARES OF NEW PHOENIX TO BE ADMITTED TO TRADING ON MAIN MARKET FOR LSE.ALL OF DIRECTORS OF OLD PHOENIX HAVE BEEN APPOINTED TO BOARD OF NEW PHOENIX.  Full Article

Phoenix Group To Top Cash Generation Target for 2017, 2018
Thursday, 23 Aug 2018 

Aug 23 (Reuters) - Phoenix Group Holdings ::SAYS GROUP OPERATING PROFIT OF £216 MILLION IN H1 2018.SOLVENCY II SURPLUS OF £2.3 BILLION(3) AS AT 30 JUNE 2018 (£1.8 BILLION AS AT 31 DECEMBER 2017).SHAREHOLDER CAPITAL COVERAGE RATIO OF 180% AS AT 30 JUNE 2018(4) (164% AS AT 31 DECEMBER 2017).SAYS INTERIM DIVIDEND OF 22.6P PER SHARE, CONSISTENT WITH FINAL 2017 DIVIDEND REBASED FOR JULY RIGHTS ISSUE.PHOENIX TO INTRODUCE FEE CAPS ON UNITISED NON-WORKPLACE PENSIONS FOR A ONE OFF EXPECTED COST OF £68 MILLION.GROUP EXPECTS TO EXCEED UPPER END OF ITS CASH GENERATION TARGET OF £1.0 BILLION - £1.2 BILLION BETWEEN 2017 AND 2018.£349 MILLION OF CASH GENERATION(2) IN H1 2018 (H1 2017: £360 MILLION).AXA, ABBEY LIFE INTEGRATIONS COMPLETED AHEAD OF PLAN, TARGETS; DELIVERING COST SYNERGY BENEFITS OF £27 MILLION PER ANNUM.INCREASE 2018 FINAL DIVIDEND TO AN ANNUALISED LEVEL OF £338 MILLION.COMPLETED ITS FIRST BULK ANNUITY TRANSACTION WITH A £470 MILLION BOOK ACQUIRED IN FIRST HALF OF YEAR AND ALL LONGEVITY RISK WAS REINSURED.CO WILL NO LONGER DESCRIBE ITSELF A PURELY A 'CLOSED' BUSINESS, BUT AS CONSOLIDATOR OF OPEN AND HERITAGE LIFE BUSINESSES.CONTINGENCY PLANS CONTINUE TO BE PROGRESSED TO ENABLE EU POLICYHOLDERS TO BE SERVICED IN EVENT OF A 'HARD BREXIT'.EXPLORING RANGE OF OPTIONS TO ENSURE CO CAN SERVICE IRISH POLICYHOLDERS AS PART OF BREXIT CONTINGENCY PLANNING.  Full Article

Phoenix Group Holdings Issues Warrant Redemption Notice
Monday, 23 Jul 2018 

July 23 (Reuters) - Phoenix Group Holdings ::ON 2 SEPTEMBER 2009, PHOENIX ISSUED 5 MILLION WARRANTS OVER ITS SHARES TO CERTAIN OF ITS LENDERS.HAVING NOW AMENDED WARRANT INSTRUMENT TO PERMIT REDEMPTION AT RELEVANT PRICE, IT WILL REDEEM ALL OUTSTANDING WARRANTS ON 23 AUGUST 2018.  Full Article

Phoenix Group Holdings Announce Results Of Rights Issue
Tuesday, 10 Jul 2018 

July 10 (Reuters) - Phoenix Group Holdings ::RESULTS OF RIGHTS ISSUE.IT HAD RECEIVED VALID ACCEPTANCES IN RESPECT OF 176,693,407 NEW SHARES (REPRESENTING 96.25 PER CENT. OF NEW SHARES OFFERED.  Full Article

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