Business
Q1 2013 Interim Management Statement
Q1 2013 Interim Management Statement.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 9000D Phoenix Group Holdings 03 May 2013 \n \n\nPhoenix Group Holdings announces cash generation of £410 million in the three months to 31 March 2013. The Group remains on track to meet all of its financial targets. \n \nFinancial and operational highlights in the three months to 31 March 2013\n \n· Capital raising and debt reterming completed, including £450 million debt prepayment, reducing gearing to 48%, proforma at FY12. \n \n· £410 million of cash generation1 in the 3 months to 31 March 2013 (3 months to 31 March 2012: £6 million). Total Holding Company cash2 of £1,199 million at 31 March 2013 (FY12: £1,066 million). \n \n· Estimated IGD3 surplus of £1.2 billion at 31 March 2013 reflecting the impact of the capital raising and debt reterming (FY12: £1.4 billion).\n \n· Estimated PLHL ICA3 surplus of £0.8 billion at 31 March 2013 reflecting the impact of the capital raising and debt reterming (FY12: £1.0 billion). \n \n· Estimated Phoenix Life free surplus, which represents excess capital over the minimum requirements and the life companies' capital policies of £138 million at 31 March 2013 following distribution of cash to Holding Companies (FY12: £514 million).\n \n· £0.2 billion of net third party asset inflows (excluding liquidity funds and Guardian assets) generated by Ignis in the 3 months to 31 March 2013 (3 months to 31 March 2012: £0.1 billion). Group Assets Under Management of £69.3 billion at 31 March 2013 (FY12: £68.6 billion).\n \n· On track to meet all financial targets, comprising \no operating companies' cash generation of £650 - £750 million in 2013, and £3.5 billion between 2011 and 2016,\no cumulative incremental MCEV enhancements of £400 million in the period from 2011 - 2014 and \no gearing reduced to 40% by end of 2016\n \nClive Bannister, Group Chief Executive, commented:\n \n\"The first quarter has seen us further demonstrate our consistent financial performance and I am pleased to report a strong set of results, showing £410 million of cash generation and robust group solvency. We are on track to meet all of our financial targ...