Phoenix Group is looking for further opportunities for mergers and acquisitions (M&A), according to its latest trading statement, which also revealed the provider had doubled its long-term cash generation in the first half of 2023.
The pensions firm, which published its half year results today (September 18), revealed a 106% increase in cash generation to £885m, compared with £430m in the first half of 2022. This comprised of £665m from its Retirement Solutions business and £220m from its capital-light fee-based businesses. Phoenix Group said it was "confident" of further M&A opportunities emerging over time, which it will be able to fund due to "financial flexibility". Flows into its funds increased by 72% to £3.1bn from £1.8bn, which means the firm is now on track to deliver positive net fund flows in 2024 ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
