Strong Financial Performance
Phoenix delivered 9% growth in operating cash generation and 25% growth in IFRS adjusted operating profit. The solvency capital coverage ratio improved from 172% to 175%.
Strategic Progress
Phoenix received FCA approval for its in-house advice proposition and launched the Standard Life Guaranteed Lifetime Income Fund, completing its product suite.
Cost Savings and Debt Reduction
Phoenix achieved GBP 160 million in cumulative run rate cost savings and improved its leverage ratio from 36% to 34% by retiring GBP 200 million of debt.
Growth in Retirement Solutions
Phoenix completed its largest ever BPA deal worth GBP 1.9 billion, contributing to a 36% growth in retirement solutions operating profit.
Positive Market Position
Phoenix is well-positioned in the structurally growing U.K. retirement market, with a top 3 position in workplace solutions and plans to move from a top 10 to a top 5 position in retail.