Phoenix Group has announced its full year 2023 results, revealing that it surpassed its cash generation target for the year.
For 2023, the company’s total cash generation stood at £2.024 billion, up from £1.504 billion in the previous year. It had set a revised target of approximately £1.8 billion.
Phoenix said the boost in cash generation includes around £400 million gained from the Part VII transfer of Standard Life and Phoenix Life announced in November.
Additionally, it reported £1.514 billion of incremental new business long-term cash generation.
Commenting on the results, CEO Andy Briggs said the company is “making great progress” in its goal of becoming the UK’s leading retirement savings and income business.
“We have achieved our 2025 growth target two years early with £1.5 billion of new business cash delivered by our Standard Life business - a new record,” he said. “We delivered over £2bn of cash generation and maintained our resilient balance sheet.”
Earnings also saw an uptick with a 13% year-on-year increase in IFRS adjusted operating profit before tax to £617 million, propelled by a 27% growth in the Pension and Savings business.
Furthermore, new business net fund flows soared by 72% to £6.7 billion, and IFRS loss after tax were down to £88 million from £2.657 billion in the previous year.
“The next phase of our strategy will see us balance our investment across our strategic priorities to grow, optimise and enhance our business,” said Briggs. “This will support us in delivering the ambitious new 2026 targets we are announcing today.”
“Our confidence in this strategy is demonstrated by the new progressive and sustainable dividend policy we will operate going forward.”
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