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 ...
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