Business
Phoenix Group Holdings - 2015 Annual Results
Phoenix Group Holdings - 2015 Annual Results.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 9668S Phoenix Group Holdings 23 March 2016 \n\n\n\nPhoenix Group Holdings: 2015 Full Year Results 23 March 2016\n\n \n\nPhoenix Group delivers strong full year financial performance\nPhoenix Group, the UK's largest specialist closed life fund consolidator, today announces a strong set of results for the year ended 31 December 2015, with cash generation in line with the target range and £205 million of incremental embedded value achieved. \nFinancial Highlights\n· Operating companies' cash generation of £225 million (2014: £567 million), meeting the £200 - 250 million target range\n· Delivered MCEV enhancing management actions of £205 million in 2015 and achieved the £400 million target between 2014 - 2016 a year ahead of schedule\n· Market Consistent Embedded Value ('MCEV') of £2.5 billion as at 31 December 2015 (2014: £2.6 billion)\n· Group IFRS operating profit of £324 million (2014: £483 million)\n· Financial Leverage of 37.8% as at 31 December 2015 (2014: 39.3%), reflecting bank debt repayments of £190 million in 2015\n· 2015 final dividend of 26.7p per share, in line with 2014 final dividend\nSolvency II\n· Received PRA approval for use of Full Internal Model for Solvency II\n· Solvency II surplus over Solvency Capital Requirements (\"SCR\") of £1.3 billion as at 31 December 2015; compared with a PLHL ICA surplus of £0.6 billion as at 31 December 2015\n· Shareholder Capital coverage ratio of 154% as at 31 December 2015\n· Solvency II surplus is resilient to market movements\nOperational Highlights\n· Achieved Investment Grade credit rating from Fitch Ratings, reducing cost of debt\n· &nb...