UK insurer Phoenix sets $1.8 billion 2025 new business cash target

LONDON, Dec 6 (Reuters) – Following a strong performance in 2022, British life insurer Phoenix (PHNX.L) on Tuesday set a long-term cash generation target for its first incremental new business by 2025. About £1.5 billion ($1.83 billion).

Phoenix, which manages the books of its life insurance business, which is not open to new customers, said in a previous statement to investors that it remained on track to generate cash in 2022 at the high end of its target range of 130-1400 million pounds per day.

It expects to deliver about $1.2 billion in incremental new business long-term cash generation through 2022 through organic growth, primarily through its Standard Life brand, which also opens products to new customers.

“This is shaping up to be another outstanding year for Phoenix Group,” said chief executive Andy Briggs.

“In addition to optimizing our effective business and M&A (mergers and acquisitions), our organic strategy is to achieve sustainable growth.”

An investor day in Phoenix will focus on Standard Life, it said.

Phoenix acquired the European and UK insurance businesses of Standard Life Aberdeen in 2018 and the Standard Life brand last year.

Asset manager Standard Life Aberdeen has since changed its name to abrdn (ABDN.L).

($1 = £0.8214)

Reporting by Carolyn Cohn, editing by Kirstin Ridley

Our Standards: The Thomson Reuters Trust Principles.

Source link