Business
2013 Interim Results
2013 Interim Results.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 2414M Phoenix Group Holdings 22 August 2013 \n \n\nPHOENIX GROUP HOLDINGS:\nINTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2013\n22 AUGUST 2013\nPhoenix Group, the UK's largest specialist closed life fund consolidator, today announces strong results for the six months ended 30 June 2013 and reiterates all of its financial targets.\nFinancial highlights\n− Interim dividend of 26.7p per share1 a 27% increase vs. 2012 interim dividend and in line with 2012 final dividend\n− £416 million of cash generation2 in H1 2013 (HY12: £119 million). On track to achieve FY13 cash generation target\nof £650 million - £750 million\n− MCEV of £2.2 billion at 30 June 2013 (FY12 pro forma3: £2.3 billion), with £384 million of incremental MCEV enhancement now delivered towards £400 million target from 2011 to 2014\n− Gearing4 reduced from 55% at 31 December 2012 to 48% at 30 June 2013, towards our target of 40% by the end of 2016\n− IGD surplus of £1.1 billion and IGD headroom of £0.4 billion at 30 June 2013 (FY12 pro forma3: £1.2 billion and £0.4 billion respectively)5\n− PLHL ICA surplus of £1.0 billion at 30 June 2013 (FY12 pro forma3: £0.8 billion)5\n− Group IFRS operating profit of £186 million in H1 2013 including £24 million from management actions vs. HY12 of £217 million6, including £59 million from management actions\n− Ignis IFRS operating profit of £19 million in H1 2013 (HY12: £19 million)\n− £0.9 billion of net third party asset inflows generated by Ignis Asset Management (HY12: £0.9 billion)\n− Total Group assets under management of £67.1 billion at 30 June 2013 (FY12: £68.6 billion).\nOperational highlights\n− Progressed preparation for Part VII transfer of £5 billion of annuity liabilities and related assets to Guardian Assurance Limited, with completion expected towards the middle of H2 2013\n− Continued to build a better business for the future;\n· Completed migration of 3.2 million in-force policies administered by Diligenta onto the new administration platform, making policy administration more efficient and giving customers access to their policies online\n· Continued to streamline the Group's actuarial modelling systems, with the new model being run in parallel with existing models for FY13, simplifying modelling processes and allowing consistent capital mana...