Business
Q3 2013 Interim Management Statement
Q3 2013 Interim Management Statement.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 3642R Phoenix Group Holdings 25 October 2013 \n \n\nPhoenix Group Holdings announces YTD cash generation of £734 million, on track to achieve the top end of its 2013 cash generation target of £650 - £750 million \n \nFinancial and operational highlights\n \n· £434 million of cash generation1 in the 9 months to 30 September 2013 (HY13: £416 million). Total Holding Company cash2 of £799 million at 30 September 2013 (HY13: £966 million). \n \n· A further £300 million has been generated from the life companies during October 2013, resulting in total YTD cash generation of £734 million vs. 2013 target of £650 - £750 million. \n \n· Estimated IGD3 surplus and IGD headroom both remained stable at £1.1 billion and £0.4 billion respectively at 1 October 2013 (HY13: £1.1 billion and £0.4 billion).\n \n· Estimated PLHL ICA3 surplus increased by £0.2 billion to £1.2 billion at 1 October 2013 (HY13: £1.0 billion). \n \n· Estimated Phoenix Life free surplus, which represents excess capital over the life companies' minimum requirements and the capital policies, increased by £324 million to £730 million at 1 October 2013 (HY13: £406 million).\n \n· Gained Court approval for the previously announced legal transfer of £5 billion of annuity liabilities to Guardian Assurance Limited ('Guardian'), effective 1 October 2013(4). \n \n· £1.4 billion of net third party asset inflows generated by Ignis in the 9 months to 30 September 2013. In addition, during Q3, the remaining £1.1 billion of assets relating to the annuity transfer transaction with Guardian have been transferred back to Ignis for investment management. \n \n· Total Group Assets Under Management of £68.7 billion at 30 September 2013 (HY13: £67.1 billion).\n \n· Agreed to sell BA (GI) Limited, which holds the Group's remaining general insurance business to National Indemnity Company, a subsidiary of Berkshire Hathaway. The disposal is subject to regulatory approval and is expected to have a marginally positive impact on the Group's MCEV. \n \nOngoing discussions with Swiss Re\nDiscussions regarding a ...