Business
2022 Annual Financial Report
2022 Annual Financial Report.
About this update from Standard Life Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n Phoenix Group Holdings plc: 2022 Full Year Results\n \n \n \n \n 13 March 2023\n \n \n \n Phoenix Group announces strong full year 2022 results and a 5% dividend increase\n \n \n \n \n \n \n \n \n \n \n CASH\n \n \n Operating companies'\ncash generation\n \n \n £1,504m\n \n \n \n 2021: £1,717m\n \n \n \n \n \n \n \n \n +\n \n \n \n \n \n \n RESILIENCE\n \n \n Solvency II Surplus and\nSCCR\n \n \n £4.4bn and 189%\n \n \n \n 2021: £5.3bn and 180%\n \n \n \n \n \n \n \n \n +\n \n \n \n \n \n \n GROWTH\n \n \n Incremental new business long-term cash generation\n \n \n £1,233m\n \n \n \n 2021: £1,1846m\n \n \n \n \n \n \n \n \n \n Commenting on the results, Phoenix Group CEO, Andy Briggs said:\n \n \n \n \n \"Phoenix has a simple strategy that is focused on the UK long-term savings and retirement market. We have continued to make excellent progress across all areas of that strategy in 2022, despite the challenging economic backdrop.\n \n \n \n \n This has enabled us to deliver a strong set of financial results, with cash generation of £1.5 billion and our resilient balance sheet maintained. We have also grown our business both organically, with record new business growth of £1.2 billion, and inorganically, with the cash funded acquisition of Sun Life of Canada UK. Our strong strategic and financial performance has therefore enabled the Board to recommend a 5% dividend increase for the year.\n \n \n \n \n At Phoenix, sustainability is embedded across our business and we are committed to putting the Planet and People at the heart of everything we do. If we are to live up to our purpose of helping people secure a life of possibilities, we need to play our part in tackling climate change and making retirement provision fit for the twenty first century. We have much more to do on both of these themes but the benefits of getting this right, both commercially and societally, are huge.\"\n \n \n \n \n 2022 financial highlights\n \n \n \n \n Growing our dependable cash generation\n \n \n \n · \n £1,504m of cash generation1 in 2022 (FY21: £1,717m), which exceeds our £1.3bn-to-£1.4bn target range for the year.\n \n \n ·\n £12.1bn of Group in-force long-term free cash has increased by c.£0.3bn (FY21: £11.8bn) as our business grew year-on-year. This cash...