Phoenix Group reported that it has landed on its cash regeneration target for 2016, following its acquisition of an
AXA business line, which yielded £250 million in revenues.
AXA Wealth’s pensions and protection business generated £117 million in income, or 24% of Phoenix’s £486 million total revenue last year, keeping it on track to meet its target for the year.
Further, an online
Digital Look report said the Group estimates that the integration of AXA will result in £250 million revenues six months after the former’s November purchase of the company.
Another indicator of AXA’s positive impact on Phoenix’s operations is the December repayment of the £182 million bank loan the company used to fund the acquisition, as well as the conversion of the £250 million short term facility it used to finance another acquisition activity for Abbey Life.
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