Business
2020 Half-Year Results
2020 Half-Year Results.
About this update from Standard Life Plc
[{"type":"text","content":"\n \n \n RNS Number : 2907V\n Phoenix Group Holdings PLC\n 06 August 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Phoenix Group Holdings plc: 2020 Interim Results\n \n \n \n \n \n 6 August 2020\n \n \n \n \n \n \n \n \n Phoenix Group's resilience delivers strong results. 2020 cash generation target increased following acquisition of ReAssure \n \n \n Phoenix Group Holdings plc (\"Phoenix\" or \"the Group\"), announces strong results for the six months ended 30 June 2020 that deliver cash, resilience and growth and support the payment of the interim dividend. Phoenix's priorities throughout this challenging period have been to support and protect customers, colleagues and the communities in which we operate, whilst maintaining the long-term value of the Group.\n Financial highlights - Phoenix\n \n • Strong cash generation1 of £433 million in H1 2020 (H1 2019: £287 million2).\n \n • Phoenix's focus on resilience is reflected in a Solvency II surplus of £4.0 billion3 as at 30 June 2020 (£3.1 billion4 as at 31 December 2019).\n \n • Shareholder Capital Coverage Ratio5 of 169% as at 30 June 2020 (161% as at 31 December 2019).\n \n • High quality £21.6 billion shareholder debt portfolio with only 16% of BBB. No defaults in H1 2020 and only 0.1% of bonds in the matching adjustment portfolios downgraded to sub investment grade.\n \n • Resilience supports interim dividend of 23.4p per share, consistent with the Group's stable and sustainable dividend policy.\n \n • New business delivers £358 million of incremental long-term cash generation in H1 2020 (H1 2019: £254 million6), enhancing the sustainability of our dividend.\n \n • Group operating profit of £361 million in H1 2020 (H1 2019: £325 million).\n \n • Assets under administration of £248 billion as at 30 June 2020 (£248 billion as at 31 December 2019).\n \n • Leverage ratio7 of 27% as at 30 June 2020 (22% as at 31 December 2019).\n Acquisition of ReAssure - pro-forma financial highlights of the Combined Group\n \n • Acquisition of ReAssure Group plc completed on 22 July 2020 making Phoenix the UK's largest long-term savings and retirement business with circa 14 million policies and £324 billion of assets under administration. \n \n • Pro-forma cash generation of £1.1 billion in H1 2020.\n \n • 2020 cash generation targe...