Business
2019 Half-Year Results
2019 Half-Year Results.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 1614I Phoenix Group Holdings PLC 07 August 2019 \n\nPhoenix Group expects to be towards the upper end of its 2019 cash generation target and is on track to realise £1.2 billion Standard Life Assurance acquisition synergy target\nPhoenix Group, Europe's largest life and pensions consolidator1, announces strong results for the six months ended 30 June 2019.\nFinancial highlights\n· Strong cash generation2 of £287 million in H1 2019 (H1 2018: £349 million). The Group expects to be towards the upper end of its cash generation target range of £600 million - £700 million3 for full year 2019. \n· Solvency II surplus of £3.0 billion4 as at 30 June 2019 (£3.2 billion5 as at 31 December 2018). \n· Shareholder Capital Coverage Ratio of 160%4,6 as at 30 June 2019 (167%5,6 as at 31 December 2018).\n· Group operating profit of £325 million in H1 2019 (H1 2018: £216 million).\n· Interim dividend of 23.4p per share, a 3.5%7 increase on the 2018 interim dividend.\n· New business contribution8 of £116 million from UK Open and Europe (H1 2018 pro forma9: £100 million).\n· £250 million of incremental long-term cash generation from H1 2019 new business (H1 2018 pro forma9:\n£303 million), enhancing the sustainability of our dividend.\n· Assets under administration of £245 billion as at 30 June 2019 (£226 billion as at 31 December 2018).\n· Leverage ratio10 of 23% as at 30 June 2019 (22% as at 31 December 2018) remains under target range\nof 25% - 30% and new £1.25 billion revolving credit facility in place.\n \nTransition programme\n· Remains on track to deliver the £1.2 billion total synergy target for the Standard Life Assurance businesses transition.\n· £115 million of capital synergies delivered in H1 2019 taking cumulative capital synergies to £615 million against a target of £720 million (85% of total). \n· £21 million per annum cost savings delivered to date against a target of £75 million per annum (28% of total).\n· £17 mil...