Business
Phoenix Group Holdings - 2012 Annual Results
Phoenix Group Holdings - 2012 Annual Results.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 6084A Phoenix Group Holdings 22 March 2013 \n \n\n22 March 2013\nPHOENIX GROUP REPORTS STRONG FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2012\nPhoenix Group, the UK's largest specialist closed life fund consolidator, today announces strong full year results, with cash generation of £690 million at the top end of the target range (£600 - £700 million) and a further £0.2 billion increase in the long term cash generation target to £3.5 billion between 2011 and 2016.\n \nFinancial Highlights\n· Successful debt re-terming and equity raising of £250 million announced in January 2013, reducing debt by £450m and extending repayment terms to 2019\n· Operating companies' cash generation at £690 million (2011: £810 million), at the upper end of the £600 - £700 million target range\n· £1,066 million of cash at Holding Companies at 31 December 2012 (2011: £837 million)\n· 27% increase in recommended final dividend to 26.7p per share (2011: 21p)\n· Gearing reduced from 57% at 31 December 2011 to 48% on a pro forma basis at 31 December 2012 \n· Resilient Market Consistent Embedded Value ('MCEV') of £2,122 million (2011: £2,118 million)\n· £332 million of incremental MCEV already delivered, towards cumulative target of £400 million between 2011 - 2014\n· Strong Group IFRS operating profit of £410 million (2011: £387 million), including:\n· £399 million of Phoenix Life operating profit (2011: £395 million)\n· £43 million of Ignis operating profit (2011: £46 million)\n· Group assets under management of £68.6 billion (2011: £72.1 billion), excluding additional £1.6 billion of assets expected to transition back to Ignis during 2013 under the investment management mandate agreed with Guardian Assurance\n· &nbs...