Business
Analyst Presentation and Trading Update
Analyst Presentation and Trading Update.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 9818X Phoenix Group Holdings 12 May 2016 \n\n12 May 2016\nPhoenix Group analyst presentation and trading update \n \nLater today, Phoenix Group (the 'Group') will host a presentation for analysts and investors focusing on Solvency II, management actions and future financial reporting.\n \nIn addition, the Group can confirm that it remains on track to meet its 2016 cash generation target of between £350 million and £450 million, having achieved cash generation of £130 million in the period to 30 April.\n \nThe Group continues to undertake management actions to optimise its capital position under Solvency II and increase the amount of Free Surplus within the Group's operating companies. Free Surplus is the amount of capital held in the Group's operating companies in excess of that needed to support their capital requirements (including any capital management policy) and is therefore available for distribution to the Group's holding companies as cash. As at 31 December 2015, the Free Surplus within the Group's operating companies under Solvency II was £97 million, with additional financial assets of approximately £125 million held within Opal Re, the Group's captive Bermudan reinsurance business that was restructured in 2015.\n \nAs announced at the time of the Group's full year results on 23 March, the Group has agreed a revised £650 million bank facility, reducing interest costs and extending the maturity of the Group's debt. In addition, the Group redeemed the residual £6 million of Tier 1 Notes issued by Pearl Group Holdings (No.1) Limited on 25 April. The Group continues to examine options to further diversify away from senior bank debt to longer term, subordinated debt.\n \n \nCommenting on the trading update, Group CEO, Clive Bannister said:\n\"Phoenix Group has made good progress so far, despite the market volatility seen during early 2016, with cash generation of £130 million during the first four months of the year. We remain confident of future opportunities for Phoenix to grow its business through acquisition and continue to believe that the Group's specialist operating model positions us to continue to add value for all of our stakeholders.\"\n \nPresentation\nThe presentation will be held at 2.30pm (BST) at:\n \nJ.P.Morgan, John Carpenter Street, Lo...