Phoenix Group has seen “record” 2022 half year results, with cash generation reaching £950m as the firm plans to deliver its target range for the year.
The firm's interim results - published today (15 August) - revealed its operating companies' cash generation in the six months to 30 June 2022 sat at £950m, up from £872m in the same period the year prior. The results also showed £224m growth in incremental new business long-term cash generation from £206m in H1 2021 to £430m in H1 2022. H1 2022 new business long-term cash generation comprises £282m from Phoenix's bulk purchase annuities business, compared to £80m in H1 2022, and £148m from its capital-light fee-based businesses, up from £126m in H1 2021. Additionally, the firm saw...
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