Phoenix Group Holdings (PHNX.L)
27 Feb 2017
(The following statement was released by the rating agency) LONDON, January 17 (Fitch) Fitch Ratings has assigned PGH Capital Public Limited Company's GBP300m dated subordinated notes, guaranteed by Phoenix Group Holdings (Phoenix; Issuer Default Rating (IDR) A-/Positive) a 'BBB-' rating. The notes are rated three notches below Phoenix's IDR of 'A-', comprising two notches for a 'poor' baseline recovery assumption and one for 'moderate' non-performance risk. KEY RATING DRIVERS The notes hav
Jan 10 Phoenix Group Holdings, Britain's largest owner of life assurance funds closed to new customers, posted cash generation from operating companies of 486 million pounds ($590.2 million) in 2016, meeting its target of 350-450 million pounds.
* Has generated a total of 486 million stg of cash from group's operating companies in 2016
Britain's Phoenix Group Holdings said a banking supervisory body had cleared its deal to buy Deutsche Bank AG's British insurance business, Abbey Life Assurance.
* It had received valid acceptances in respect of 141,322,809 new shares representing 97.65 per cent of the new shares offered pursuant to its rights issue announced on 28 September 2016 to part finance the proposed acquisition of Abbey Life
* Announces completion of acquisition of AXA Wealth's pensions and protection businesses Source text for Eikon: Further company coverage:
* All resolutions regarding proposed acquisition of abbey life and associated rights issue were duly passed by a vote on a show of hands Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)
Sept 28 Phoenix Group Holdings, Britain's largest owner of life assurance funds closed to new customers, said it would buy Deutsche Bank AG's British insurance business Abbey Life Assurance Co for 935 million pounds ($1.22 billion) in cash.
* Consideration and estimated expenses to be financed through fully underwritten rights issue to raise 735 mln stg, 250 mln stg new bank facility
Phoenix Group Holdings , Britain's largest owner of life insurance funds closed to new customers, said on Friday it was in advanced talks to buy Deutsche Bank AG's British insurance business, Abbey Life Assurance.