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Phoenix Group Holdings (PHNX.L)

PHNX.L on London Stock Exchange

766.50GBp
11:54am EDT
Change (% chg)

-13.00 (-1.67%)
Prev Close
779.50
Open
780.50
Day's High
785.00
Day's Low
766.50
Volume
722,291
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1,069,237
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823.47
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719.00

Latest Key Developments (Source: Significant Developments)

SLA's Skeoch-insurance sale to Phoenix includes Germany, Ireland, annuities
Friday, 23 Feb 2018 02:49am EST 

Feb 23 (Reuters) - Standard Life Aberdeen ::CO-CEO SKEOCH SAYS ~SALE TO PHOENIX INVOLVES WITH-PROFIT BOOK, DEFINED CONTRIBUTION PENSION FUNDS, GERMAN, IRISH INSURANCE BUSINESSES, ANNUITIES.CO-CEO GILBERT SAYS ~ "MORE OUT OF SADNESS THAN ANYTHING ELSE" THAT LLOYDS MANDATE ENDED, HOPEFULLY WILL GET CHANCE TO RETENDER.  Full Article

Phoenix Group reports higher first-half cash generation
Thursday, 24 Aug 2017 02:00am EDT 

Aug 24 (Reuters) - PHOENIX GROUP HOLDINGS ::INTERIM DIVIDEND UP 5 PERCENT TO 25.1 PENCE PER SHARE.‍360 MILLION POUNDS OF CASH GENERATION 2 IN H1 2017 (H1 2016: £147 MILLION)​.‍TOTAL HOLDING COMPANY CASH OF 691 MILLION POUNDS 2 AS AT 30 JUNE 2017 (£570 MILLION AS AT 31 DECEMBER 2016)​.‍REMAINS ON TRACK TO ACHIEVE ITS CASH GENERATION TARGET OF 1.0 BILLION POUNDS - 1.2 BILLION POUNDS BETWEEN 2017 AND 2018​.‍REMAINS ON TRACK TO ACHIEVE ITS CASH GENERATION TARGET OF 2.8 BILLION POUNDS BETWEEN 2016 - 2020​.‍SOLVENCY II SURPLUS AS CALCULATED AT PHOENIX GROUP HOLDINGS OF 1.7 BILLION POUNDS 3 AS AT 30 JUNE 2017 (£1.1 BILLION AS AT 31 DECEMBER 2016)​.‍GROUP OPERATING PROFIT OF 215 MILLION POUNDS IN H1 2017 (H1 2016: 107 MILLION POUNDS)​.‍INTERIM DIVIDEND OF 25.1P PER SHARE, A 5 PCT INCREASE ON 2016 FINAL DIVIDEND​.‍AXA COST SYNERGIES EXPECTED TO BE 13 MILLION POUNDS TO 15 POUNDS MILLION PER ANNUM, INCREASED FROM ORIGINAL EXPECTATIONS OF 10 MILLION POUNDS OF COST SAVINGS PER ANNUM​.‍STRENGTHENED CAPITAL POSITION AND RATING UPGRADE FROM FITCH GIVES CO FINANCIAL FLEXIBILITY TO EXECUTE ADDITIONAL ACQUISITIONS IN FUTURE​.‍GIVEN CURRENT CAPACITY IN BULK ANNUITY MARKET, CO INTENDS TO COMPETE SELECTIVELY ON ACCRETIVE TRANSACTIONS TO GENERATE INCREMENTAL VALUE​.  Full Article

Insurer Phoenix appoints Karen Green, Belinda Richards as non-executive directors
Friday, 30 Jun 2017 02:00am EDT 

June 30 (Reuters) - Phoenix Group Holdings :Board of phoenix group holdings ("phoenix") is pleased to announce appointments of two new non-executive directors, karen green (from 1 july 2017) and belinda richards (from 1 october 2017).Karen green is currently chief executive of aspen uk.Belinda richards held senior executive positions at kpmg, ey, and latterly deloitte from 2000 to 2010 where she was a senior corporate finance partner.  Full Article

Phoenix Group Holdings announces offer to purchase senior debt and tier 3 tap issue
Tuesday, 25 Apr 2017 03:38am EDT 

April 25 (Reuters) - Phoenix Group Holdings ::Announces offer to purchase sterling senior debt and expected tier 3 tap issue.Inviting eligible holders of its 300 mln stg 5.75 pct bonds due 2021 to tender their bonds for purchase by company for cash.Continues to look for opportunities to further diversify away from senior debt.Says move will improve capital position of company, if company were to be included in solvency ii group regulatory capital calculation.Offer is made on terms and subject to conditions contained in tender offer memorandum dated 25 April 2017.Says final determination of purchase price will be made, at or around 11:00 a.m. (london time) on business day following expiration deadline.  Full Article

Phoenix Group says £486 million of cash generation in 2016
Monday, 20 Mar 2017 03:15am EDT 

Phoenix Group Holdings - : 486 million STG of cash generation (2015: £225 million), meeting group's 2016 cash generation target . Solvency II surplus of 1.9 billion STG as at 31 December 2016, compared to 1.3 billion STG as at 31 December 2015 . FY group operating profit of 351 million STG versus 324 million STG in 2015 . Proposed final dividend of 23.9 pence per share, an equivalent 5 pct increase on 2015 final dividend . Shareholder capital coverage ratio of 170 pct as at 31 December 2016 . Cost synergies now expected to be between 13 million STG to 15 million STG per annum, increased from original expectations of 10 million STG of cost savings per annum . An expected further 5 pct increase in 2017 interim dividend to 25.1 pence per share, equivalent to 50.2 pence per share on annualised basis . Of long-term target, between 1.0 - 1.2 billion STG of cash generation expected in two year period between 2017 - 2018 . "It is likely that uncertain market environment will prevail for a while longer" . "Believe changing regulatory landscape and macroeconomic pressures will lead to further consolidation in UK life industry sector" . Expect a further 4.4 billion STG of cash generation from 2021 onwards . Expect future cash generation for existing business of 6.7 billion STG from start of 2017.  Full Article

Phoenix Group Holdings updates on cash position
Tuesday, 10 Jan 2017 02:00am EST 

Phoenix Group Holdings : Trading update and credit investor roadshow . Has generated a total of 486 million stg of cash from group's operating companies in 2016 . Of this total cash generation, 117 million stg has been generated from integration of AXA Wealth Pensions and Protection businesses . Achieved its 2016 target for cash generation of between 350 million to 450 million stg . Reiterates its expectation that it will generate a total of at least 250 million stg of cash from integration of AXA businesses within 6 months of completion of acquisition . During December 2016, group repaid entirety of 182 million stg of bank debt used to finance acquisition of AXA businesses . 250 million stg short-term bank facility relating to Abbey Life acquisition has been converted into a tranche of group's existing bank revolving credit facility . On 21 December 2016, PGH Capital Plc established a 3,000,000,000 stg euro medium term note programme guaranteed on a senior or subordinated basis by Phoenix .Net proceeds from proposed debt issuance are expected to be used to further reduce outstanding amount of group's bank debt.  Full Article

Phoenix Group says Rene-Pierre Azria resigned as director
Wednesday, 30 Nov 2016 09:45am EST 

Phoenix Group Holdings :Rene-Pierre Azria has tendered his resignation from board and ceased to be a director of company with effect from Nov.30 2016.  Full Article

Phoenix says additional 2.35 percent of new shares have been subscribed
Wednesday, 9 Nov 2016 06:30am EST 

Phoenix Group Holdings :Global coordinators have procured subscribers for remaining 3,404,473 new shares not validly accepted by 11.00 a.m.  Full Article

Phoenix Group to buy Abbey Life 935 mln pounds
Wednesday, 28 Sep 2016 03:00am EDT 

Phoenix Group Holdings : Proposed acquisition of Abbey Life . Consideration of 935 mln stg in cash payable on completion . Consideration and estimated expenses to be financed through fully underwritten rights issue to raise 735 mln stg, 250 mln stg new bank facility . Acquisition to add 10 bln stg of assets under management and approximately 735,000 policyholders . Attractive price representing 0.89x multiple of solvency II own funds and 0.77x of MCEV . Acquisition will support a proposed increase in dividends in respect of 2017 to 197 mln stg . Acquisition expected to generate about 0.5 bln stg of aggregate cashflows between 2016 and 2020 . Completion of acquisition by end of 2016, subject to regulatory approvals .Acquisition also expected to generate cashflows of about 1.1 bln stg in aggregate from 2021 onwards.  Full Article

UK's CMA not to refer AXA-Phoenix deal for further investigation
Tuesday, 2 Aug 2016 02:00am EDT 

UK's CMA (Competition and Markets Authority) :Has decided, not to refer following Phoenix Group Holding merger with AXA Sunlife and Embassy business to a Phase 2 investigation.  Full Article

EU mergers and takeovers (June 18)

BRUSSELS, June 18 The following are mergers under review by the European Commission and a brief guide to the EU merger process: