Business
Phoenix's Cap Position Supports 2019 Div Payment
Phoenix's Cap Position Supports 2019 Div Payment.
About this update from Standard Life Plc
[{"type":"text","content":"\n \n \n RNS Number : 2686M\n Phoenix Group Holdings PLC\n 07 May 2020\n \n \n \n \n PHOENIX GROUP'S RESILIENT CAPITAL POSITION SUPPORTS PAYMENT OF 2019 FINAL DIVIDEND \n \n \n Phoenix Group Holdings plc (\"Phoenix\" or \"the Group\") provides a positive trading update ahead of its AGM on 15 May 2020, outlines its ongoing response to the COVID-19 crisis and reaffirms the Board's decision to recommend payment of the proposed 2019 final dividend. \n \n \n Key messages\n \n \n · \n Phoenix's priorities throughout this challenging period have been to support and protect customers, colleagues and the communities in which we operate, whilst protecting the long-term value of the Group.\n \n \n · \n Phoenix is committed to playing its full part in supporting the real economy throughout the disruption arising from COVID-19. \n \n \n · \n Strong business continuity planning has enabled the Group to protect colleagues through mobilisation of homeworking and ensured the business continues to deliver strong service to customers. \n \n \n · \n We have not accessed any government support schemes\n \n and our employees are all receiving full pay with none furloughed.\n \n \n · \n Phoenix's focus on resilience is reflected in an estimated Solvency II surplus of £4.0 billion1 as at 24 April 2020 (£3.1 billion2 as at 31 December 2019) with an estimated shareholder capital coverage ratio3 of 172% as at 24 April 2020 (161% as at 31 December 2019).\n \n \n · \n Despite the challenging environment, we continue to target 2020 cash generation of £800 - £900 million. \n \n \n · \n The acquisition of ReAssure Group plc is on track to complete in July 2020, subject to regulatory approval.\n \n \n · \n The Board continues to recommend payment of the proposed 2019 final dividend of 23.4 pence per share, subject to approval by shareholders at the AGM on 15 May 2020.\n \n \n Andy Briggs, CEO of Phoenix Group commented:\n \n \n \"The resilience of both Phoenix's operations and its balance sheet has been demonstrated during this period of significant market volatility. In these extraordinary times, Phoenix is taking significant steps to support and protect its customers, colleagues and the communities where we operate. We remain focused on delivering cash, resilience and growth and are on track to complete the acquisition of ReAssure in Jul...