Business
2017 Interim Results
2017 Interim Results.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 8386O Phoenix Group Holdings 24 August 2017 \n\nPhoenix Group delivers strong cash generation and is ahead of plan on realising acquisition benefits\nPhoenix Group, the UK's largest specialist closed life fund consolidator1, today announces its results for the six months ended 30 June 2017.\nFinancial Highlights\n- £360 million of cash generation2 in H1 2017 (H1 2016: £147 million)\n- Total holding company cash of £691 million2 as at 30 June 2017 (£570 million as at 31 December 2016)\n- The Group remains on track to achieve its cash generation target of £1.0 billion - £1.2 billion between 2017 and 2018 and its longer term cash generation target of £2.8 billion between 2016 - 20202\n- Solvency II surplus as calculated at Phoenix Group Holdings of £1.7 billion3 as at 30 June 2017 (£1.1 billion as at 31 December 2016)\n- Shareholder Capital Coverage Ratio as calculated at Phoenix Group Holdings of 166% as at 30 June 20174 (139% as at 31 December 2016)\n- Group operating profit of £215 million in H1 2017 (H1 2016: £107 million)\n- Interim dividend of 25.1p per share, a 5% increase on the 2016 final dividend\nIntegration of acquisitions ahead of expectations\n- AXA acquisition has generated a total of £282 million of cash to date, of which £165 million was generated in 2017, exceeding the target of £250 million of cash generation within 6 months of completion\n- AXA cost synergies now expected to be between £13 million to £15 million per annum, increased from original expectations of £10 million of cost savings per annum\n- Customer governance model in place to provide oversight of Abbey Life business\n- On track to achieve cost synergies of £7 million from Abbey Life acquisition\nOnshoring process supported by recent subordinated debt issuance\n- Issuance of US$500 million of Tier 2 subordinated debt and £450 million of Tier 3 subordinated debt in 2017, used to refinance the Group's senior debt\n- Credit ra...